According to Pakistan’s “Business Record” report, Pakistan’s agriculture may suffer a large-scale reduction in production due to heavy rains and floods across the country. Among them, cotton output may only be 12-13 million bales, lower than the original plan of 14 million bales. Pakistan’s annual cotton consumption is between 15 million and 16 million bales, and production reductions caused by floods may cause cotton prices to soar.
Since the floods have not yet receded, the Pakistani government has not officially released data on agricultural damage, but the market has already responded in advance. On Thursday (August 5), cotton prices rose by 200 rupees (about 85 rupees to 1 US dollar) to 6,500 rupees per maund (about 82 pounds).
