According to projections from the Pakistan Federal Council of Agriculture, according to China Cotton Network, Pakistan would plant 2.1 million hectares of cotton in 2022–2023, with an expected yield of 6.3 million bales—a 43% decline from the previous year. Domestic textile manufacturing has been impacted by the sudden decline in cotton supply, and there hasn’t been much of a boost to cotton imports. Local cotton prices in Pakistan kept falling due to the reduction in domestic cotton consumption and ICE futures, but the decline in cotton import prices was also curbed by the recovery in the rupee exchange rate.
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