Cotton prices have surpassed the historic milestone, reaching Rs15,000 per maund on Friday, owing to increased demand and decreased output, reported by media outlets.
According to the Chairman of the Pakistan Cotton Ginners Association, the price increase is due to an international trend that is exacerbated by a reduction in domestic production.
According to organisation head Ihsan ul Haq, the price rise is due to a little harvest compared to demand.
He did, however, add that the country is anticipated to produce 10 million bales of cotton in the upcoming crop, which will lower prices. He stated that increased output will also contribute to increased GDP.
The global price rise was sparked by the United States’ large-scale purchase of the crop, as well as a reduction in the Indian harvest this year.
Late last month, it was reported that cotton’s prices in Pakistan jumped by Rs700 per maund.
The prices are rising in the international market, according to the Chairman of the Pakistan Cotton Ginners Association. Cotton’s prices in the United States have risen by six cents a pound in the last two days.
Earlier in March, the ban on the import of the crops from India was uplifted while the decision was revoked a day after.