Imports of cotton surge despite lower local prices

LAHORE: Pakistan emerged as the largest buyer of US cotton for the second consecutive week despite a sharp decline in domestic cotton and phutti prices during the Eidul Azha holidays, prompting industry bodies to urge the federal and provincial governments to reduce taxes, energy tariffs and interest rates in the upcoming budgets to support the struggling cotton and textile sectors. Cotton prices recorded a significant fall during the holiday period. In Sindh, cotton prices dropped by Rs2,000...

By none@none.com (Amjad Mahmood)