Pakistan has finally started exports of cotton as the country has struck export contracts for 20 thousand bales of cotton with different countries.
In this regard, Pakistan Cotton Ginners Forum (PCGF) Chairman Ihsan ul Haq informed the media that cotton exports from Pakistan have been started; at first, more than 3,000 bales of cotton were exported to Bangladesh, Indonesia, and Vietnam.
The chairman stated that the export contracts for 20 thousand bales of cotton have been concluded by Pakistan with other countries of the world.
He added that the exporters are also facing problems because of the deterioration of the quality of cotton due to devastating rains, the price of cotton in Pakistan is Rs22 to 23 thousand per maund.
Ihsanul Haq further said that the major reason behind the hike in the local white lint rate reports that cotton production in the United States has declined.
Moreover, PCGF Chairman said that heavy torrential rains have caused huge damage to the majority of cotton zones across the country. He said that textile mill owners may ask to import 5 million bales of cotton amid the shortage.
It is to be mentioned here that besides the increased prices of cotton, wheat and flour crises also adversely hit Punjab province as flash floods triggered by heavy downpours damaged the crops in the country.
According to the sources, flash floods have caused damage to 0.3 million tonnes of wheat in the Rajanpur and Fazilpur districts of Punjab province. Meanwhile, the Punjab food department has asked the federal government to allow the import of one million tonnes of wheat as the province has been witnessing a wheat shortage.
Additionally, different cities of Balochistan including Quetta, Machh, Mastung, and Nushki have also been facing a shortage of vegetables due to a drastic decrease in their transportation?due to floods.
“The country will face a shortage of onions and tomatoes in the next three months,” the Ministry of Commerce said, adding “Current flooding has damaged crops and a shortage and hike in prices is expected.”?