KARACHI: Cotton production has dropped 34.28 per cent to 9.768 million bales so far from 14.864 million bales produced last year, a shortfall of over five million bales, suggested data released by the ginners association on Monday.

The Pakistan Cotton Ginners Association (PCGA) in its latest fortnightly report said that Punjab alone suffered a loss of 4.88 million bales (44.88pc) at 6m bales up to April 15 over the same period last season owing to last year`s rains and floods coupled with pest attack which damaged the crop.

According to cotton experts when short crop of 5.095 million bales is multiplied with current market rate of Rs5,350 per maund (37.5kgs) it comes to Rs116.308 billion loss to growers alone.

The crop failure also puts pressure oncountry`s foreign exchange because of heavy imports to bridge the gap.

The spinners have imported around 2.2 million bales of cotton with an estimated value of $585 million up to March 31, 2016.

However, Sindh harvested 5.7pc less of the crop at 3.766m bales this season compared to 3.975m bales produced in the same period last year.

The textile industry procured 9.066m bales as against 13.953m bales in the correspondingperiodlastyear.

The ginners are holding unsold stock of 349,776 bales compared to 340,826 bales last year. However, the industry would have to import more cotton to see the current season through because the new crop is likely to hit the market a bit late.

Recent rains have delayed early crop sowing in Punjab and it is estimated that the next crop would start coming by early August. However, Sindh crop is likely to arrive in July.