KARACHI, Nov 23: The world cotton production for the current season is being estimated at around 24.4 million tons, which is three million tons more than the record cotton production achieved in 2001-02
, Mr Gerald Estur, statistician at the International Cotton Advisory Committee, informs a meeting here.
Gerald Estur, who is in Pakistan on an invitation of the Pakistan Central Cotton Committee, made a presentation on the world cotton scenario on Tuesday with particular emphasis on WTO implications on Pakistan, a press release of the PCCC said.
He said the average Cot look A Index was expected to fall to 50 cents per pound this season, down from 68 cents a pound in 2003-04. Besides high cotton prices in 2003, he said, favourable weather conditions had led to reaping of record or near record cotton crop in five top cotton producing countries - China, Brazil, the US, Pakistan and India.
Low cotton prices, he said, had stimulated consumption which was expected to grow by five per cent this season to reach a record of 22.4 million tons. Mr Estur said the elimination of quotas on textile trade would immensely benefit Pakistan, India and China.
Dr Ibad Badar Siddiqui, Vice-President of the PCCC, on the occasion said that cotton crop in Pakistan was being assessed at 12.1 million bales as against a target of 10.7 million bales.
Higher cotton production, he said, was because of a seven per cent increase in the cotton cultivation area. "Favourable weather conditions and relatively much lesser pest infestation this season also contributed to higher production than last year."
