Pakistan is one of the biggest cotton exporter of the world. On Wednesday, cotton prices across the country hit their highest level in the past nine years. The prices increased by RS 300 per maund.
Ahsan-ul-Haq, Cotton Ginners Forum President said that the reason for the price hike is due to a shortage in the production and supply of cotton.
The price of basic cotton increased to Rs9,400 per maund, whereas the price of premium cotton increased to Rs9,800 per maund.
In a recent meeting, the Senate Standing Committee on National Food Security told that one-third of the cotton crop was destroyed due to poor weather conditions in Pakistan.