Weekly Cotton Review: Goods transporters’ strike disrupts trade across country

Business Recorder reported that cotton and textile trade has almost stopped because goods transporters have been on strike for an extended period. Traders said cotton prices in the limited deals that did close held steady, yet overall volumes have dropped to near zero. Trade and industrial bodies have jointly asked the authorities to bring the dispute to a fast conclusion.

Industry leaders say the stoppage is adding to existing strain. PCGA chairman Shamlal Manglani linked the sector's decline to heavy government taxation, noting that only four hundred ginning plants still operate from a previous twelve hundred. PTEA chairman Khurram Mukhtar said export consignments valued in billions of dollars are held up in mills, and overseas buyers could cancel orders if shipments are delayed further.

The FPCCI wants demurrage charges waived for cargo stuck because of the strike. The Karachi Cotton Association says it remains barred from its premises, over sixty days after a Sindh High Court order of June 17 gave it temporary relief. Minister Haleem Khan has set fresh negotiations for Monday, August 17, though the strike is expected to continue until then. The association's spot rate was unchanged at Rs18,300 per maund.