The textile industry has termed it unfortunate that no concrete policy to enhance cotton production has been announced by the government while the price of cotton has soared to an 11-year high of Rs12,000 per maund.
In a statement on Friday, Pakistan Hosiery Manufacturers and Exporters Association (PHMA) Zonal Chairman Faisal Mehboob Sheikh and Chief Coordinator Adil Butt noted that Pakistan was expected to produce 5.6 million bales of cotton in the current season, which would be the lowest in the last 30 years.
On the other hand, demand from the textile industry stood at 18 million bales, hence, over 8 million bales worth $4 billion had to be imported, they pointed out.
According to Sheikh, the reason behind the unprecedented increase in cotton prices was the steep decline in its production and bullish trend in the international market.
He appealed to Prime Minister Imran Khan to immediately formulate a strategy to overcome the cotton yarn crisis so that thousands of workers could continue to work in the largest exportoriented industry of Pakistan.