Pakistan Is Likely To Cut Cotton Production By 30-40% This Year.
according to
Pakistan
"Business records" reported on August 15th, Pakistan
textile industry
Minister Saeed Khan recently participated in the activities of the Pakistan Textile Exporters Association, which was affected by the 80 year flood.
cotton
Output will decline by 30-40%, and total output is estimated to be less than 10 million bales.
Analysts believe that the reduction of cotton production will lead to the shortage of domestic raw materials and the price rise in Pakistan, thereby affecting the export of textiles.
Saeed Khan will persuade the Ministry of Finance and the Federal Tax Committee to refund the sales tax and special consumption tax to textile exporters as soon as possible, and cash the textile export development fund to support enterprises to get out of trouble.
According to statistics, up to now, the funds that the Palestinian government has not paid has totaled 45 billion rupees (1 US dollars or 85 Rupees).
Supplement:
Fu Stone Group Corporation said India's cotton demand in the world's second largest cotton producer could be further expanded due to the destruction of Pakistan's cotton.
India's demand for cotton in India is excellent after the floods in neighboring Pakistan.
Yesterday, a Stone Company Commodity Risk Intelligence said that the floods destroyed 30% of Pakistan's crops and Pakistan was the fourth largest cotton producing country in the world.
Cotton prices in New York have risen by 27% over the past year. Cotton prices will be at a record high until at least the end of the new cotton market.
According to domestic sources in Pakistan, the flooding caused by cotton growing areas in Pakistan increased the enquiries of panicked Pakistan businessmen.
Fu four Tong said that the spot market in India reported that cotton prices were strong and the market was active because of increased demand from buyers at home and abroad, especially from neighboring Pakistan.
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