Speech by the Outgoing Chairman, the Karachi Cotton Association
Karachi: My Colleagues on the Executive Committee and Distinguish Members of the Association,
It gives me a great pleasure to welcome you to the Ordinary General Meeting of the Members of the KCA and present you the Results of Election of the Executive Committee of the KCA for the year 2011-12
LOCAL COTTON SITUATION FOR 2010-11:
The target of cotton production in Pakistan for 2010-11 (in terms of bales of 375 lbs. each) was fixed at 14.01 million bales (Punjab 9.70 million bales, Sindh 4.20 million bales, Baluchistan 0.10 million bales and NWFP 0.01 million bales) from an area of 3.2 million hectares.
According to the final report of the PCGA for the year 2010-11, the total arrivals of cotton in ginneries as on 01.05.2011 were 11.69 million bales (Punjab 7.90 million bales, Sindh 3.77 million bales and Baluchistan 0.025 million bales).
According to Trade Development Authority of Pakistan, the exports of cotton during the year 2010-11 (Aug.-July) was recorded more than seven lakh bales, while as per reports of the Federal Bureau of Statistics, the imports of cotton was recorded about 3,13,000 M.T. and Mill consumption was recorded at about 14.05 million bales as per reports of the Textile Commissioner’s Organization.
COTTON SITUATION FOR 2011-12:
The target of cotton production in Pakistan for 2011-12 was fixed by the Government at 14.01 million bales (Punjab 9.70 million bales, Sindh 4.20 million bales, Baluchistan 0.10 million bales and NWFP 0.01 million bales).
INTERNATIONAL COTTON SITUATION (2011-12 as on August 2011 ) :
According to the USDA, the world cotton production in 2011-12 is expected to increase to 122.710 million bales (480 lbs. each) from 114.589 million bales in 2010-11 due to increase in production in China, India and Pakistan.
Production in China increased to 33.000 million bales from 30.500 million bales, India increased to 27.000 million bales from 25.400 million bales and Pakistan increased to 10.300 million bales from 8.800 million bales compared to 2010-11.
The world cotton consumption increased to 115.175 million bales from 113.930 million bales in 2010-11. The ending global stocks for 2011-12 had increased to 52.659 million bales from 44.987 million bales in 2010-11 resulting increase of 7.672 million bales than the previous year.
INTERNATIONAL AND NATIONAL PRICE FLUCTUATION:-
During the cotton season 2010-11, the New York Cotton Futures latest delivery month recorded at US¢ 83.85 per lb. at the beginning of the season on 02.08.2010 which increased to the highest level of US¢ 208.82 per lb. on 24.03.2011during the year under review. At the close of the season on 29.07.2011, it was recorded at US¢ 102.08.
However during the month of September, 2011, the New York Cotton Futures latest delivery month recorded at US¢ 97.64 per lb. as on 22.09.2011.
During the whole year of 2010-11, the farmers got higher price for their produce as the Ex-Karachi price of cotton rose upto Rs. 13,130/- per maund on March, 09, 2011 due to speculative buying at New York Cotton Exchange which effected the International Market and buying and consumption of Cotton / yarn by China etc.
Before closing my speech, I congratulate the new Executive Committee on their un-opposed election for the year 2011-12 and hope that the new Committee would meet the day to day challenges which may occur during the tenure efficiently and effectively and resolve the problems successfully which may crop-up.
I express my deep thanks to Khawaja M. Zubair, Vice-Chairman, The KCA for his dedicated and devoted services rendered by him to run the affairs of the Association effectively. I also express my deep thanks to my colleagues on the Executive Committee and members of the Association for providing all assistance, co-operation and guidance during my tenure as Chairman.
I especially record my appreciations for the efficient, dedicated and devoted services rendered by the Officers and Staff of the Association during the year under review.
I also express my thanks to the Press for extending their full co-operation in covering the activities of the Association during my tenure as Chairman, The KCA.
I thank all of you once again.
For more information, contact:
Karachi Cotton Association
The Cotton Exchange I.I Chundrigar Road,
Phone: + (92)242-5007, + (92)241-2570, + (92)241-6497
Fax: + (92)241-3035, + (92)241-2580