960424

CEC plans to lift

6000 tons of cotton

from Turkmenistan

RECORDER REPORT

ISLAMABAD: The Commerce Ministry does not see any justification for importing cotton from India.

However, the Cotton Export Corporation is planning to lift 6000 tons of cotton from Turkmenistan contracted last year.

The Minister for Commerce, Chaudhry Ahmed Mukhtar contacted by Business Recorder about textile industry's demand for import of cotton from India, said that there was no shortage of cotton in the market.

Domestic production of cotton exceeded 10 million bales. Out of the registered cotton export contracts for 2.3 million bales, 1.7 million bales have been exported so far. The export contracts not covered by bank guarantees will not be carried out, to meet the domestic needs.

The remaining 8.3 million bales can meet the needs of the textile industry till end of August. The new crop will start arriving in July. However, he said that some shortage was expected in September to meet that situation, the Cotton Export Corporation was planning to lift the remaining 6000 tons of cotton contracted last year.

Thus, the minister argued there would not be real shortage of cotton and hence there was no justification for its import from India.