Cotton sale reduces by 17pc

Cotton production remained lower due to devastating floods and cotton sale witnessed 17 percent downfall this year. Only 42000 bales have been prepared till now in the ginning factories of the country which are lower than last years by 8.75 lakh bales. Domestically, the recent floods have damaged around two million bales of cotton, prompting ginning mills to rush for purchase. Total consumption of cotton is around 16 million bales compared with the expected production of 12.6 million bales this season. According to a report of Pakistan Cotton Ginners Association, textile mills have purchased 32 lakh bales.