Soaring oil prices: import of four million bales of cotton to cost Rs 62 billion

Pakistan would be importing four million bales of cotton valued at Rs 62 billion by the end of the current fiscal year. Senior cotton trader, Nasim Usman told a private TV channel that due to shortfall in local production and non-availability of high quality cotton.
The target for the import of Rs 60 billion cotton set for this year, would cost Rs 62 billion in the wake of international market oil price, soared to a record height and the fall in global cotton production. He said that 3.5 million bales worth Rs 55 billion have so far been imported into the country from India, US, Brazil, South African and CIS countries besides Egypt.