Pakistan to import cotton worth $1.50 billion
KARACHI (News92World) – According to an estimate, Pakistan
has to import 4 million cotton bales that
would cost as
many as $1.50 billion dollars owing to the declining production of cotton this
season.
This situation could worsen the economic situation as the
loans already and now imports of such significant amount can create problems
for the country’s economy.
It is pertinent to mention that the
economic growth was affected by 5% owing to the low production of cotton last
year.
On the other hand, the textile mill
owners have demanded that the government should decrease the import duty to 4%
on raw cotton.
It is also worth mentioning that the
cotton production increased by 11% compares to the last season, however the
production was still not sufficient for the current needs.
Published by DUnyia News
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