Cotton prices blossom, break 11-year record in Pakistan

By: News Desk      Published: 05:14 PM, 11 Jan, 2021
Cotton prices blossom, break 11-year record in Pakistan

Cotton prices in the Pakistan local market after an increase of Rs250 per mound hit an 11-year high of Rs11,000 per mound (40kg), reported 24NewsHD TV channel on Monday.

According to Cotton Ginners Forum Chairman Ehsanul Haq, after almost 30 years new textile mills and powerlooms are being set up in Pakistan on a large scale and there is a need to increase cotton production capacity in the country.

Ehsanul Haq demanded the government to slap a ban on sowing of sugarcane crops in the cotton fields.

Reportedly, cotton production has declined in the country that means that the growers are not benefitting from the rising prices contrary to the fact that there is rising local demand.

It is pertinent to note that Pakistan Bureau of Statistics’ data showed that the textile shipments have surged by 3.8 percent to $4.8 billion between July and October from $4.6 billion a year ago.