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.