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Cotton and Textiles: Pakistan

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Government should ask the Trading Corporation of Pakistan to purchase half a million bales lying as unsold stock in the ginneries states Pakistan Cotton Ginners Association (PCGA) report. The PCGA fortnightly report shows that around 1,33,90,788 cotton bales were sourced to the country's ginners by April 15 ,2014, which shows an increase of 3.86 percent compared to previous year when ginneries received 1,28,88,028 bales.

Mills, exporters and spinners showed little interest in fresh buying on rising anticipations that prices go up in days to come, dealers said on the cotton market on Saturday. The official spot rate was unchanged at Rs 6,400, they added. In the ready session, around 3000 bales of cotton changed hands between Rs 5200-6400, dealers said.
Pakistan has spent $113.310 million on import of used clothes during July-February 2013-14, up by 15 percent, according to the official figures. The country's import bill on worn-clothes has surged by $14.408 million during July-February 2014 from $98.902 million in the same period last fiscal year, said the Pakistan Bureau of Statistics (PBS).
Small business was witnessed on the cotton market on Friday as major participants were busy in exchange of views over the move by the Economic Co-ordination Committee (ECC), dealers said. The official spot rate was unchanged at Rs 6,400, they added. Prices of seed cotton in Sindh and Punjab per 40 kg were unchanged at Rs 2800 and Rs 3100, dealers said. In the ready session, over 1000 bales of cotton changed hands between Rs 5800-6450, dealers said.
Modest trading activity was seen on the cotton market on Thursday as exporters showed interest in buying to meet their needs, dealers said. The official spot rate resisted further decline, restaining overnight levels at Rs 6,400, they added. Prices of seed cotton in Sindh and Punjab per 40 kg were unchanged at Rs 2800 and Rs 3100, dealers said. In the ready session, over 3000 bales of cotton changed hands between Rs 5850-6375, dealers said.
Pakistan's raw cotton import plunged by 29 percent to $395.386 million during July-February 2013-14, according to the official statistics. The import of raw cotton posted a fall of $159.033 million during July-February as compared the commodity's import of $554.419 million in the same period last fiscal year, Pakistan Bureau of Statistics (PBS) said.
Cotton prices continued their downward drive this week conceding another Rs 100 to Rs 150 per maund. Conditions on the cotton market are bearish and offtake of lint is decidedly low. Hardly any meaningful business is reported from the cotton market where ginners may still be saddled with close to half a million unsold bales of cotton from the current season (2013-2014).

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln