Pakistan’s Cotton importers are likely to shift away from Indian Cotton in the current fiscal year after the prices of fiber in the world’s second biggest producer increased, The News quoted a top official of the All Pakistan Textile Mills Association.
The Indian Cotton prices increased 35% within the last 15 days due to low sowing reports. The price is eight to 10% higher as compared to the international market.
“Local mills haven’t booked any more Cotton from India and, “all have shifted to the US Cotton,” an official at the Pakistan Agriculture Research states.
Pakistan imported 2.5 million bales from India so far this year out of the total imports of three million bales to meet the shortfall.