Cotton price in the country has risen sharply after receiving hefty orders from overseas buyers increasing prospects of higher exports during the current fiscal year.
Ahsanulhaq, Chairman, Cotton ginners Forum said that the price of cotton has reached Rs6400 after increase of Rs100 per maund whereas the price of lint cotton also risen.
Pakistan has received offers and now export of raw cotton has been initiated to Bangladesh, Indonesia and Vietnam, resultantly increasing price of the commodity.
Temperature in Punjab and Sindh cotton zone has also geared up which triggered the attack of pest especially white fly in the cultivated areas.
The chairman said cotton production showed healthy signs and according to latest arrival of cotton ginners association report, the commodity registered an increase of 37 percent up to October 15, 2017.
The production of the country reached a milestone of 5.984 million bales, whereas Punjab cotton output rose by 55 percent to 3 million bales, while field from Sindh production increased by 22 percent to 2.9 million bales. Pakistan cotton year starts from July to April.
Source Pakistan Observer