KARACHI: The local cotton market remained stable on Monday. Market sources told that trading activity was a little bit low but it was expected that it will improve in coming days.
According to a report, released by Pakistan Cotton Ginners Association more than 53 lac bales were produced in the country which is 34.01 percent less as compared to more than 81 lac bales produced till January 3 last year.
Despite the coronavirus pandemic, Pakistan exports continued to flourish hitting over USD 2.3 billion, the highest ever in the month of December.
"It gives me immense pleasure to inform that, Alhamdolillah, according to provisional data, Pakistan exports for the month of December 2020 have grown by 18.3 percent to USD 2.357 billion as compared to USD 1.993 billion in December 2019, an increase of USD 364 million over December 2019," shared Advisor to Prime Minister on Trade and Investment, Abdul Razak Dawood in a series of tweets on Friday.
The advisor said that the figures are "the highest export ever in the month of December."
For the period July-December 2020, Pakistan's exports increased by 4.9pc to USD 12.104 billion as compared to USD 11.533 billion in the corresponding period last year.
"This shows the resilience of the economy of Pakistan and it is a vindication of the government's policy to keep the wheels of economy running during COVID-19 pandemic. I commend our exporters for achieving this feat during these testing times and urge them to aggressively focus on capturing a larger share of international trade," he said.
Dawood further lauded the exporters calling them 'a great asset' for Pakistan and saying 'I salute you all.'
Naseem Usman told that 400 bales of Ghotki were sold at Rs 10,000 per maund, 200 bales of Khan Pur were sold at Rs 9900 to Rs 10,000, 2100 bales of Rohri were sold at Rs 9900, 600 bales of Sadiqabad were sold at Rs 10,500, 600 bales of Haroonabad were sold at Rs 10,100, 600 bales of Fort Abbas, 800 bales of Faqeer Wali were sold at Rs 10,100 and 400 bales of Lodhran were sold at Rs 9900.
Naseem Usman told that rate of cotton in Sindh was in between Rs 9700 to Rs 10,400 per maund. The rate of cotton in Punjab is in between Rs 9800 to Rs 10,500 per maund. He also told that Phutti of Sindh was sold in between Rs 3800 to Rs 4700 per 40 kg. The rate of Phutti in Punjab is in between Rs 4000 to Rs 5500 per 40 Kg.
The rate of Banola in Sindh was in between Rs 1600 to Rs 2000 while the price of Banola in Punjab was in between Rs 1750 to Rs 2200. The rate of cotton in Balochistan is Rs 10,000 per maund.
The Spot Rate remained unchanged at Rs 10,200 per maund. The rate of Polyester Fiber was increased by Rs 5 per kg and was available at Rs 183 per Kg.
Copyright Business Recorder, 2021
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