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 percent during the current fiscal year, importers said on Tuesday. "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," said a cotton importer. He said that 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. "Importers have been placing huge order for import of cotton since August, resulting in 143.49 percent rise in cotton import during the current fiscal year," the importer said. During the first seven months of the current fiscal 2008 overall import of cotton stood at 726.639 million dollars as against 298.432 million dollars during the same period of last fiscal year, depicting an increase of 428.207 million during July-January 2008 period.

In terms of quantity, cotton import has raised by 122 percent 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. Traders are expecting further rise in the import of raw cotton in the remaining months of current fiscal, as these months are called dry season of cotton production. They said that presenting cotton prices in the world market are increasing but due to the local demand importers and millers are compelled to import costly cotton. Besides the shortfall in cotton crop the demand of long staple cotton is another reason behind the upsurge in the import, they said.