Upsurge in Pak cotton exports price

KARACHI (Azhar Ali Khan): Pakistani cotton exporters have raised their commodity prices for the international buyers following an upward price trend in the world markets, ARY News reported.

Exporters said that the high-quality Pakistani cotton is now tagged at 72 cents per pound, which was earlier exported at the rate of 57 cents per pound, depicting an upsurge of 15 cents per pound.

“During last few days the fresh cotton export deals have finalized at the rate of 72 cents per pound,” said a leading Karachi-based exporter.

Citing basic reason of price increase, he said, “Prices of export-quality cotton have increased as the international markets are witnessing an upward price trend, following a shortage-like situation.

“High-quality cotton is very expensive in the international markets because of its scarcity,” said an exporter.

“In fact, the cotton crop shortage has resulted in continued price hike and that is why we (the Pakistani exporters) have brought local cotton price at par with the international level,” said another exporter.

During the current season, some 0.8 million cotton bales have so far been exported, while some 0.2 million bales’ deals are finalized and the shipments would be sent, shortly.