Pakistan has commenced buying cotton from India after stopping for some days. India is the top cotton supplier to Pakistan. This will help India in selling the surplus cotton stock and Pakistan in getting economically priced cotton.
India sells about $822 million worth of cotton to Pakistan in a year. In November Pakistan had stopped giving import permits and because of this about 300000 bales of Indian cotton were stuck. Pakistan had stopped the imports because the phytosanitary certification was failing.
Pakistan and Indian officials are still working on the Phytosanitary certification issue. The Indian traders have contracts of selling 350000 bales of cotton to Pakistan from year beginning in October.
The December and January exports of 300000 bales were stuck because of Pakistan cutting off the imports. Pakistan became the biggest buyer of Indian cotton with 40% share of exports in 2015-16. Earlier Bangladesh was the biggest market for Indian cotton.
It is expected that Pakistan will consume 15 million bales of cotton and it is producing 10.5 million only. Pakistan had purchased 2.7 million bales of cotton from Indian previous year. This helped in stabilizing the falling cotton prices in India as China had reduced the cotton imports.
Original Source: importexportmarketing.in
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