LAHORE - All Pakistan Textile Mills Association (APTMA) Chairman Ahsan Bashir has said that Pakistan would witness bumper cotton crop this year, expectedly a total of 15 million bales. He has described it as a phenomenal outcome of the Free Market policy of the government, which has also ensured record cotton prices to the farmers over the last three years. While appreciating the government for keeping intact the free market mechanism in the larger interest of all stakeholders including growers, ginners and millers, Ahsan said APTMA had been on the front foot for advocating free market mechanism to maximum resource transfer to the farm sector annually.
He has further added that the cotton prices in Pakistan are above the international cotton prices at present. The industry, as a matter of fact, is being overcharged by Rs200 per 40 kg for Pakistan cotton whereas international cotton can easily be imported at Rs6,000 per 40kg on Pakistani cotton parity basis.
Pakistani spinners have therefore made agreements in the international cotton market for purchase of over one million bales during the last one week. Resultantly, he said, this may lead to surplus cotton in Pakistan at the outset of next cotton season.