Karachi, Pakistan
August 6, 2008
Source:
Pakistan Biotechnology
Information Center (PABIC)
The country may have to import 4.5
million bales cotton during the current season, due to the
widening demand and supply gap and quality issue, which may cost
one billion dollars. Importers said that the country's cotton
production is rapidly declining and, during last fiscal year the
production was 11.3 million bales.
For the current fiscal year, the government has set the
production target of 14.2 million bales. But it seems difficult
to achieve it due to less than target sowing of uncertified seed
of Bacillus thuringiensis (Bt) variety.
Growers are reported to have cultivated Bt cotton on 80 percent
area in Sindh and Punjab to get higher cotton production.
Therefore, the government has fixed cotton production target of
14.2 million bales against the consumption of 16-16.5 million
bales. "We are expecting over 3-4 million cotton bales shortfall
during the current year due to high demand of long staple cotton
by textile millers," importers said. Therefore, it is expected
that around 4 million bales cotton, costing one billion dollars,
would have to be imported, they added.
At present, cotton prices stand at 80-88 cents per pound in the
international market and Pakistan is also exporting its cotton
at 78-80 cent per pound," they informed. During last year about
1.291 billion dollars were spent on cotton import as compared to
646.568 million dollars during fiscal year 2007, depicting an
increased of 644 million dollars. |
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