Cotton Crop: Demand expected to exceed production

MULTAN: Provincial Minister for Agriculture Naeem Akhtar Bhabha Monday assured fair pricing of the cotton crop this year, according to a press release issued by the Punjab Agriculture Department.

He also said that domestic cotton production is unable to meet demands of the textile sector, adding that the deficit extends on a global level.



Talking to a delegation of farmers, he said that estimates of global production of cotton stand at 22.9 million tons during the current season while consumption will exceed 24.3 million tons. Bangladesh and Vietnam will lead the charge with cotton utilisation in both countries expected to increase by 5%. Bhabha disclosed that average price of a maund of cotton would be over Rs3, 500 according to international cotton advisory.

“To keep prices stable in the domestic market, the provincial government is trying to get cotton exports banned during the cotton harvest season,” he said.

Published in The Express Tribune, July 11^th, 2017.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.