KARACHI: The Karachi Chamber of Commerce and Industry has expressed concerns over decline in cotton production in the country, as this would badly affect the textile sector exports, a statement...
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has expressed concerns over decline in cotton production in the country, as this would badly affect the textile sector exports, a statement said on Friday.
KCCI President Agha Shahab Ahmed Khan said that keeping in view the projections of US Food and Drug Administration (FDA) and other independent estimates, Pakistan’s cotton production was likely to descend further by around 19 percent to somewhere close to eight million cotton bales during FY20.
Cotton production stood at 11.946 million bales in FY18, which declined 17.5 percent to 9.861 million bales in FY19 and with a further decline of approximately 19 percent being forecasted for FY20, cotton shortages would badly affect the performance of the textile sector, which would also be depicted in the export figures, as this sector was the mainstay of Pakistan’s overall exports.
Low cotton production would mean heavy imports of around six million bales, putting burden on foreign exchange reserves worth $1.5 billion, he said.
“The government will have to look into the causes of low cotton production and accordingly devise practical and effective strategies, besides adopting latest scientific techniques being used globally to ensure enhanced cotton production.”