MULTAN: Punjab Minister for Agriculture Naeem Akhtar Khan Bhabha has said there were bright chances of fixation of good price of cotton crop this year.
He said cotton produced at home was also insufficient to meet the demand of textile sector. While talking to a delegation of farmers, the minister said that the world expects 22.9 million tons of cotton production this season whereas the consumption has been assessed at 24.3 million tons, said a press release issued by the media liaison unit of Punjab Agriculture Department.
The minister said Bangladesh and Vietnam are expected to witness five percent increase in cotton utilisation this year.
Bhabha disclosed that according to international cotton advisory, average price of a maund of cotton would be over Rs3,500. To keep the prices stable in the domestic market, the provincial government was trying to get the cotton export banned during the cotton harvest season, he added.