ISLAMABAD: Pakistan’s gross domestic product (GDP) growth will rise past 5 per cent in the current fiscal year, supported by higher output of cotton, which is a key non-food crop of the country, predicted the All Pakistan Textile Mills Association (APTMA). Cotton yarn exports rose by 67.97pc to $193.39 million from $115.13 million in the corresponding period of previous year. Likewise, cotton cloth exports surged by 24.74pc to $367.62 million from $294.72 million, whereas exports of cotton (carded or combed) increased by 100pc to $0.77 million. In August 2021, the textile exports rose by 45.19pc as compared to the same month of previous year. It is expected that local cotton rates are likely to go further up in line with the surge in New York future prices amid heavy buying by China.

Source: Pakistan Today October 06, 2021 03:45 UTC