KARACHI: Cotton cultivation area has dropped sharply in both the cotton-producing provinces, creating fear of a major decline in production, which has pushed up the initial cotton trading price to an 11-year high. The highest price — Rs14,000 per bale — was witnessed.
According to a report, cotton traders and ginners are sure that the country would not achieve the target of 10.5 million bales set for this season which has just started. The previous season, which ended in March 2021, could hardly produce 5.6m bales against the target of 11m bales set by the government.
If the estimates of ginners and traders, who are in touch with the farmers, prove correct, the country would have to import cotton worth $2 billion to $3bn.
The report while quoting the Pakistan Cotton Ginners Association (PCGA) chairman claimed that reports from Punjab and Sindh show that the area of cultivation has been reduced by more than 20 per cent which means the country can’t reach the production target of 10.5m bales this year.
