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Cotton and Textiles: Pakistan

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Trading activity came down modestly on the cotton market on Saturday as the ginners indulged in cautious selling due to diminishing stock of lint cotton with them, dealers said. The official spot rate was unchanged at Rs 5300, dealers said. Over 2,000 bales of cotton changed hands between Rs 4850 and Rs 5500, they said.

Pakistan Cotton Fashion Apparel Manufacturers and Exporters Association (Pcfamea) has opposed the proposed merger of textile and commerce ministries, fearing the move would hurt the economic growth. In a letter sent to federal ministers of finance, commerce and textile, the Pcfamea chairman Dr Shahzad Arshad apprehended that the government's proposed plan of unifying both the key ministries would scale down the growth of value-added textile industry.
The All Pakistan Textile Mills Association (Aptma) has voiced its serious concerns over the alarming fall of 16 percent in textile and clothing exports in March and set up a task force to discuss the gravity of the situation. The force on 'sustainability and way forward' has a strong representation of all sub-sectors including spinning, weaving, processing, home textiles, knitwear, woven garments, towels and synthetic textile.
Prices recovered overnight losses on the cotton market on Friday following the fresh increase in the NY cotton futures, dealers said. The official spot rate gained Rs 50 to Rs 5300, dealers said. Approximately, 3,000 bales of cotton changed hands between Rs 4000 and Rs 5500, they said. The prices of seed cotton in Sindh were at Rs 1900 and Rs 2500 and in Punjab rates were at Rs 2200 and Rs 3000, they said.
Official spot rates dropped modestly on profit-taking on the cotton market on Thursday, dealers said. The official spot rate was down by Rs 50 to Rs 5250, dealers said. Approximately, 2,000 bales of cotton changed hands between Rs 4700 and Rs 5450, they said.
Dwindling of ready cotton stocks from the current season (August 2014 /July 2015) and delayed sowing of the new cotton crop (2015 / 2016) have pushed up the prices of lint. Though global cotton prices are portraying dullness as in the United States and China, Indian lint prices remain high as the Cotton Corporation of India (CCI) has suspended sale of cotton. In Pakistan, only about 200,000 bales from the current crop may remain unsold by the 1st of May, 2015.
Chairman All Pakistan Textile Mills Association (APTMA) S. M. Tanveer has said that Pakistan Textile industry is on the verge of collapse and needs a special relief package from the government on urgent basis to secure billions of dollars investment and create millions of jobs for people.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln