October 15, 2003	Wednesday	Sha'aban 18, 1424

FAISALABAD, Oct 14: All Pakistan Cloth Exporters Association has expressed apprehension over the rising raw cotton prices, which, it said, might upset the export target of $12 billion for this fiscal.

The chairman APCEA, Ahmad Kamal, in a statement here on Tuesday, said that the textile exports constituted 60 per cent of the total export. Any fluctuation on the supply side of the cotton or price manipulation would escalate the cost of production and that would ultimately affect the export, he said.

He said that hoarders and middleman were busy piling stocks of cotton to sell it at higher prices. He said this situation was not only detrimental to the exports and economy but was also jeopardizing the value-added sector.

He said whenever suppliers fail to fulfil commitment, buyers immediately shift their orders to other countries.

He said the authorities concerned should realize the gravity of situation and firmly control the prices of raw cotton.

He urged the President Pervez Musharraf to take cognizance of the situation and take immediate remedial measures to save the export of the country.