Cotton Arrival In Local Markets Decreases 26.41%
Faizan Hashmi 28 days ago Wed 18th September 2019 | 05:01 PM
Owing to lower pricing trend in domestic market, cotton arrival in the start of the current season had witnessed sluggish trend, going down by 0.365 million bales as compared the arrival of the corresponding period of last year
ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Sep, 2019 ) :Owing to lower pricing trend in domestic market, cotton arrival in the start of the current season had witnessed sluggish trend, going down by 0.365 million bales as compared the arrival of the corresponding period of last year.
According to the latest data released by the Pakistan Cotton Ginner's Association (PCGA), by September 15, 2019, the cotton arrival in the local markets decreased by 26.41% as about 1,852,408 cotton bales arrived against the arrival of 2,517,345 bales of same period of last year.
The slow crop arrival in the local markets was mainly attributed to the low pricing trend in the markets, coupled with delay in the announcement of the minimum support prices for the crop by the government.
Meanwhile, crop arrival from the Sindh Province including Balochistan also remained on the down track as it decreased by 18.42% and was recorded at 1,254,095 bales against 1,537,208 cotton bales of the period under review, the data reveled.
Out of the total arrived cotton, about 1,669,718 bales were pressed against the pressing of 2,039,037 bales of last year, whereas 1,584,337 bales were sold against 1,939,501 bales sold during same period of last year.
The unsold cotton bales were recorded at 85,381 against the last year's unsold of 99,538 bales.
Commenting on the slow cotton arrival in the domestic market, Cotton Commissioner in the Ministry of National food Security and Research Dr Khalid Abdullah said that delay in cotton support price was the main factor in decrease of commodity prices in local markets.