Cotton arrivals down 20 percent

KARACHI: Cotton arrivals in the factories of Pakistan have dropped 20 percent by February 29, a report said on Tuesday. According to the report released by Pakistan Cotton Ginners Association (PCGA), cotton arrivals in factories went down 20.26 percent to 8.56 million bales, from 10.74 million bales last year.

Of these arrivals, 58,666 bales were exported, down 42.67 percent, against 102,330 bales last year. This year, 7.92 million bales have been sold to mills, down 16 percent against last year’s 9.43 million bales.

Currently, 577,271 bales are in stocks with the ginners, down 52 percent, compared to 1.18 million bales remaining in the stocks from last year. Fortnightly flows (February 16-29) remained down 56.92 percent at 17,399 bales, against flows of 40,385 bales during the same period last year.