After failing to achieve the fiscal target of production, millers and traders are importing huge quantity of cotton, as a result of which its import has raised by 143% during the current fiscal year, importers said.

They said this year; the country was facing a shortfall of some 3 million bales of cotton, which has widened to around 4 million bales after failing to achieve the production target.

Local cotton production this year would be about 11.6 million bales against the demand of 15.5 million bales. Therefore, the millers and traders are compelled to import cotton to meet the demand.

During the first seven months of the current fiscal 2008 overall import of cotton stood at $727 million as against $298 million during the same period of last fiscal year. In terms of quantity, cotton import has raised by 122% during first seven months of the current fiscal year 2008, as country has imported some 2.8 million bales of raw cotton, while previously stood 1.2 million bales during corresponding period of last fiscal year 2007.