Cotton production to exceed 15mn bales this year

KARACHI: Pakistan is likely to export cotton this year as production can exceeds 15 million bales during current season, cotton trade sources said here Wednesday.

Chairman Cotton Broker Forum Naseem Usman said that growers have preferred sowing of cotton over sugarcane and rice in Sindh due to higher prices. Crop area under cotton has increased by 30 to 40 percent this season in Hyderabad, Mirpurkhas and Badin, he added.

He said that Federal Ministry for Food and Agricultural has set the target of 15 million bales for cotton this year, but the production will exceed that target. He said that MINFAL has also increased cropping area from last year's 7.8 million acres to 9 million acres.

Quoting reports from Punjab, he said that the sowing areas is likely to increase due to recent rains.

He said that Pakistan had recorded a bumper crop of 14.4 million during 2003-04.

Usman said that the country is likely to have an additional revenue of Rs 50 billion due to increased cotton production this year.

Giving details, he said the country would save Rs 30 billion as no cotton import would be needed this year. Similarly, we would export surplus cotton worth Rs 15 billion, he noted.

He said that cotton prices have fallen by Rs 300 to Rs 8,500 to 8,450 per maund in Sindh for new crop while it is selling at Rs 8,700 8,600 per maund in Punjab.

Copyright APP (Associated Press of Pakistan), 2011