Friday, April 19, 2024

Pakistan’s Cotton Yarn Export to China Crosses $100 Million in Jan-Feb 2024

Pakistan’s cotton yarn exports to China have surpassed the $100 million mark in the first two months of 2024. Experts believe Pakistan’s cotton yarn export to the world will further enhance this year due to good yield.

According to Pakistan’s Ministry of Commerce, sources said that as per the General Administration of Customs of the People’s Republic of China (GACC), China imported more than $100.98 million worth of cotton yarn from Pakistan in the first two months of 2024, which increased by around 98% as compared to the last year in the same period. Uncombed single cotton yarn (cotton≥85%, 232.56≤yarn<714.29, commodity code 52051200) crossed $57.77 million in January – February of 2024. Pakistan is the second largest exporter after Vietnam in this item of cotton yarn this year.

Data further showed that uncombed single cotton yarn (cotton≥85%, yarn≥714.29, commodity code 52051100) crossed $41.95 million in the first two months of 2024, while last year in the same period it was $14.54 million.

Sajid Mahmood, Head of the Transfer of Technology Department, Central Cotton Research Institute Multan said that the Pakistan-China yarn business underscores a pivotal opportunity for Pakistan to diversify its exports beyond predominantly Siro Yarns into other high-quality variants like cotton, carded, and combed yarns, with enhanced competitiveness in the Chinese market.

“Despite benefiting from a Free Trade Agreement with China, Pakistan faces stiff competition from India, especially in non-Siro yarns, despite a 3.5% higher duty for India. Additionally, Vietnam poses a challenge with similar duty-free privileges, although its reliance on imported cotton exposes vulnerability”, he said.  

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