ISLAMABAD: Pakistan has earned $ 425 million from export of cotton while $ 320 million was spent on importing the commodity during last fiscal year 2011-12.

Well-informed sources told Business Recorder here on Monday that Pakistan exported 1.5 million cotton bales in 2011-12 worth $ 425 million. "About 1 million cotton bales worth $ 320 million have been imported from India, China and other countries. In this sense cotton traders have added up to $ 105 million to the national exchequer during last fiscal year", sources added.

The target set for cotton for 2011-12 was 15 million bales. Despite floods and severe rains in Punjab and Sindh, the production of cotton remained as high as 14.8 million bales. Although floods took a toll of about 2 to 2.5 million bales yet the country managed to sustain a reasonably good cotton production.

"In the last fiscal year, extended monsoon rains and the resultant floods destroyed nearly 75 percent of cotton crops in Pakistan's Sindh province where the crop was cultivated in the areas of Tharparkar, Golarchi, Mityari, Tando Allah Yar, Hyderabad, Thatha, Badin, Sajawal, Matli, Talhar, Tando Muhammad Khan, Sanghar and Mirpur Khas. Almost 2 million bales of cotton was destroyed during the floods 2011", sources revealed.

During 2011-12, Pakistan not only imported about 0.3 million bales of cotton from India but also imported the same quantity to India. "The cotton exported to India from Pakistan is 'short staple' or lower quality cotton while the imported one is long and extra long staple", sources explained.

"Cotton is being sown on a large area across the country in the current fiscal year and it is being hoped that in case the country does not experience any floods in 2012, the total crop production would not be less than 15 million bales", sources said.