Karachi: In the local cotton markets, the trend of abnormal fall in the prices of cotton and cotton has prevailed.
In two days, the price of cotton dropped by Rs 2,000 per maund, while the price of cotton per 40 kg fell by Rs 1,000. The sharp drop in prices has raised fears of “bankruptcy” for farmers and cotton ginners. After wheat, rice, corn and mustard in the country, the country’s agricultural economy is suffering from the worst economic crisis in history due to the record decline in the prices of cotton.
Chairman Cotton Generators Forum Ehsanul Haque said that due to the recent economic crisis, the record increase in electricity and gas prices and the recent increase in taxes, the purchase of cotton has decreased due to the inactivity of more textile mills across the country. Due to continuous decline in cotton prices in the international markets as well, there has been an unusual decline in the prices of cotton and cotton in Pakistan.
In just two days, the prices of cotton in Pakistan have fallen to Rs. Seven thousand 500 rupees in Sindh, while in Sindh it has fallen to seven thousand rupees.
He said that after all the major crops of Pakistan, wheat, rice, corn and mustard, now due to the extraordinary decrease in the prices of cotton, great concern is being seen among the farmers, due to which the areas where the cotton crop is still in the growth stage. There, farmers have now reduced the use of the best agricultural inputs to the cotton crop, which is expected to result in a record decline in cotton yield per acre.
He said that in the data up to July 15, there has been a decrease of 48% in the total domestic production of cotton in Pakistan, in which there are fears of further decrease, while according to some reports, after the textile mills, now some of Pakistan Ginning factories are also going inactive in cities and due to record increase in fixed electricity charges, some cotton ginners are now cutting electricity connections to avoid heavy fixed charges.
He said that the federal government should immediately announce the support or intervention price of cotton and also start the purchase of cotton through TCP so that the agricultural and national economy can be improved by improving cotton prices.
