Cotton imports cut benefits of record textile exports.
KARACHI -- Benefits of higher textile exports have been eaten up by poor cotton growth as the textile sector had to import lint and other related accessories (excluding textile machinery) up to $1.5 billion in the first five months of the current fiscal year.
Textile exports increased by 7.8 per cent in the first six months of the current fiscal year to reach at $7.442bn. In dollar terms, the increase was of $538 million.
However, the textile sector had to spend $321m to import raw cotton in the first five months of the same fiscal year.
Cotton and textile experts predict that the import of cotton could cross $1bn by the end of the third quarter of FY21.
Imports of textile group included raw cotton, synthetic fibre, synthetic and artificial silk yarn, worn clothing and other textile items costing a total $1.545bn. The import of textile group has increased by 50pc during the five months of this fiscal.
In its recently issued first quarterly report for FY21, the State Bank said prospects of higher cotton production were slim from the outset, given that the area dedicated to the crop - recorded at 2.2 million hectares - is the lowest since FY82. Specifically, the area under cotton in FY82 was 2,214.1 thousand hectares, marginally lower than the 2,217.9 thousand hectares registered in FY21.
The area under cotton has witnessed a spectacular decline in the past decade: it averaged 2.7m hectares during FY12 to FY21, compared to nearly 3m hectares between FY92 to FY11.
'The crop has lost its competitiveness relative to other major crops, in particular sugarcane,' said a State Bank...
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