In the list of countries producing the most cotton globally, Pakistan has dropped from fourth to seventh place, according to the Cotton Ginners Forum, as a result of the unprecedented and catastrophic floods which submerged the cotton crops, reported 24NewsHD V channel.
Chairman Cotton Ginners Forum Ehsan-ul-Haq said on Thursday that the main reason for this is the record cultivation of sugarcane in cotton zones. He also added that adverse weather conditions have caused an unusual decline in cotton production.
However, domestically, the price of cotton has remained stable. The cost of cotton has decreased by 1500 rupees per maund across the country and now it costs Rs20,500 in the country instead of 22,000 rupees.
Likewise, cotton prices were also reduced and remained in the international market.
Furthermore, Pakistan is predicted to generate 50 million bales this year, the lowest output volume in history.
Reporter: Ashraf Khan