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SBP predicts better harvest of cotton, sugarcane crops
LAHORE-Pakistan is likely to have 10.2 million to 10.5 million
bales of cotton this year against an original target of 8.7
million bales, according to State Bank of Pakistan's quarterly
report for the fiscal year 2001-02.
The document titled The State of Pakistan's Economy during
first quarter of 2001-02 reported that Pakistan could witness
its third bumper crop in three consecutive years.
It said that the fears about continuation of the dry spell
have largely dissipated on account of better than expected
rainfalls during the period April-August 2001 compared to
corresponding period of year 2000-01.
"Since agriculture growth targets were set within the context
of the drought and did not incorporate the early rainfall,
areas under cultivation by cotton and sugarcane were much
higher than the project," the report said.
According to the report, the sugar produce was also likely to
exceed the targets that had been set. Moreover, the
cultivation of these crops also has been assisted by
favourable wholesale prices during the year 2000-01 which is
used by the growers in determining the cultivation of these
crops. However, it said, depressed international cotton prices
would not be a source of comfort to the growers.
In case of rice, the report said, the outlook might not be
encouraging since this crop was more dependent on water than
rainfall." In effect, given the existing information, it is
clear that the targets set for Pakistan's major crops have to
be revised upwards," the report said.
for more
details:
December 8, 2001
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