Pakistan registers increase in cotton prices

KARACHI: Cotton prices have increased by Rs700 per maund in Pakistan, ARY News reported on Monday quoting cotton ginners association.

According to the Chairman Pakistan cotton ginners association, the prices of cotton are increasing in the international market. In the last two days, the cotton prices have increased by six cents per pound in the United States.

The prices of cotton are also increasing in neighbouring countries China and India. After the increase of Rs700, the price of cotton has reached 13,800 per maund.

Earlier in the month of April, the federal cabinet had rejected an Economic Coordination Committee (ECC) proposal to allow the import of cotton and sugar from India.

Prime Minister Imran Khan presided over a meeting of the cabinet through video link from his Bani Gala residence. During the meeting, the then Finance Minister Hammad Azhar gave a detailed briefing on the decision of the ECC to import sugar and wheat from India.

However, the federal cabinet rejected the ECC’s decision to import sugar and wheat from India.