Pakistan Ginning Merchants Strike Calls For Lowest Price
Pakistan cotton Processors Association (PCGA) announced that Pakistan cotton processors stopped the acquisition of cotton throughout the country, and the timing of the closing time was uncertain. Cotton makers will not resume cotton purchase to farmers before the government announces the minimum price of cotton and the acquisition of cotton by the state owned Pakistan trading company (TCP).
The association claims that the government announced the minimum price of wheat while planting wheat, but it did not announce the minimum price of cotton. On the other hand, cotton prices had dropped to the lowest level in history, resulting in 1 million 500 thousand backlogs of cotton sold by the processors.
They asked the government to order Pakistan trading company to buy cotton from the market, prevent prices from falling, and alleviate the difficulties of cotton farmers.
They warned that if the government could not follow the above requirements immediately, the cotton economy would probably regress.
They regret to say that since the start of the economic turmoil, cotton prices have plummeted and banks have reduced their loan quotas for ginning operators, resulting in a liquidity crisis. They are unable to buy cotton farmers.
At the same time, interest rates of banks and financial institutions increased by about 4-5%.
According to the association, the price of cotton trade in the international market is higher than that in Pakistan, but the price of products in Pakistan textile mill is much lower than that in the international market.
They made it clear that it would not be possible to sell cotton at a price lower than the Pakistan rupee per maund of 2800-2900, because they bought cotton from cotton farmers at a price of 1600-1800 rupees per maund.
(Jia Xiao)
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