ISLAMABAD – Pakistan’s cotton production have bounced back after suffering huge losses due to monsoon floods last year as a 71 percent year-on-year growth has been registered in the ongoing year.
Caretaker Commerce Minister Dr. Gohar Ejaz shared the development on social media platform X. He wrote: “I am pleased to announce that we have achieved a milestone in our cotton production. The cotton arrivals on September 30 have increased to 5 million bales, which represents 71% year-on-year (YoY) growth”.
He added that the production is even more than last full year's figure of 4.9 million bales, which was a 34% YoY decline over the preceding year.
I am pleased to announce that we have achieved a milestone in our cotton production. The cotton arrivals on September 30 have increased to 5 mil. bales, which repressents 71% year-on-year (YoY) growth.— Dr Gohar Ejaz (@Gohar_Ejaz1) October 4, 2023
This is even more than last full year's figure of 4.9 mil. bales, which was… pic.twitter.com/47OS0Zk01E
The minister called it a “momentous achievement for Pakistan”. He also acknowledged and commended the dedication and hard work of farmers and the resilience of the Pakistani cotton industry.
The province wise break up shows Punjab registered 34% YoY growth as it produced 2.1 million bales while Sindh produced three million bales, up by 113% on year on year basis.
Pakistani rupee witnessed upward trajectort against US dollar and other currencies amid positive economic cues.
On Wednesday, the US dollar moved down and was being quoted at 283.7 for buying and 286.75 for selling.
Euro remained stable at 309 for buying and 312 for selling. British Pound rate increased to 361 for buying, and 364 for selling.
UAE Dirham AED dropped to 77.6 whereas the Saudi Riyal rate stands at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||361||364|
|Hong Kong Dollar||HKD||36.49||36.84|
|New Zealand Dollar||NZD||175.89||177.89|
KARACHI – Gold prices in the local market continue to decline in line with the international market.
On Wednesday, the price of a single tola of 24-karat gold stands at Rs219,400 and 10 grams of 24k gold costs Rs188,100.
Each tola for 24 karat is Rs216,700, 22 Karat is Rs198,640, and 21 karat rate per tola is Rs189,613 and 18k gold rate is Rs162,525.00 for single tola.
In the global market, the precious metal moved down, and hovers around $2023 per ounce after drop of around $10.
|Lahore||PKR 219,400||PKR 2,625|
|Karachi||PKR 219,400||PKR 2,625|
|Islamabad||PKR 219,400||PKR 2,625|
|Peshawar||PKR 219,400||PKR 2,625|
|Quetta||PKR 219,400||PKR 2,625|
|Sialkot||PKR 219,400||PKR 2,625|
|Attock||PKR 219,400||PKR 2,625|
|Gujranwala||PKR 219,400||PKR 2,625|
|Jehlum||PKR 219,400||PKR 2,625|
|Multan||PKR 219,400||PKR 2,625|
|Bahawalpur||PKR 219,400||PKR 2,625|
|Gujrat||PKR 219,400||PKR 2,625|
|Nawabshah||PKR 219,400||PKR 2,625|
|Chakwal||PKR 219,400||PKR 2,625|
|Hyderabad||PKR 219,400||PKR 2,625|
|Nowshehra||PKR 219,400||PKR 2,625|
|Sargodha||PKR 219,400||PKR 2,625|
|Faisalabad||PKR 219,400||PKR 2,625|
|Mirpur||PKR 219,400||PKR 2,625|