Export of cotton incurred loss of Rs 30.75 million

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Export of cotton incurred loss of Rs 30.75 million

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About 1.5 lac tone cotton was exported despite a severe shortage in the country.

22 July,2011 01:03 pm

Last year, the cotton production was about 17,000 bales less than country’s requirement due to heavy floods and rains. The cotton price recorded a peak in international market during the last session, but the government did not impose ban on export and local cotton was exported. While, the textile sector had to import cotton at higher rates and the country bore Rs 3o.75 million loss.According to an official report, the country earned Rs 30.76 million by exporting about 1.42 lac ton cotton and later, Rs 34.44 billion was spent to import same quantity of cotton.According to experts, if thread was exported instead of cotton, the country could have earned about Rs 20 billion and export could have stood at above 425 billion.