Pakistan is forecast to reach record cotton production of nearly 15 million bales in the 2011/12 crop year, after farmers completed sowing on an area of over 8 million acres.
Increased production of cotton, the main cash crop which shares 1.4% to the gross domestic product (GDP), is necessary to achieve a target of 4.2% economic growth in the new financial year starting July 1. Growth in 2010/11 slipped to 2.4%, partly due to losses to the cotton crop following devastating floods in 2010 that reduced output to 11.70 million bales from an expected 14 million bales.
"According to initial estimates, the area under cotton cultivation is up to 8.5 million acres. That should produce up to 15 million bales. Higher domestic prices have encouraged farmers to grow more cotton.
Cotton spot-rates in Pakistan touched a peak of 14,000 rupees ($163) per 40 kg this season, because of short supplies and earlier, higher international prices.
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