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Cotton and Textiles: Pakistan

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Seed cotton prices fell sharply on the cotton market on Friday in the process of moderate trading, dealers said. The official spot rate was unchanged at Rs 5,550, they added. In the session, over 15,000 bales of cotton changed hands between Rs 5550 and 5700, they said. In Sindh, rates gave up overnight gains, losing Rs 150 to Rs 2550 and Rs 2650, in Punjab prices were down by Rs 100 to Rs 2450 and Rs 2550, they said.

The country has failed to take full advantage of the Generalised System of Preferences (GSP) Plus status granted by the European Union (EU) as textile exports registered a decline for last several months of the current calendar year, official sources revealed. Textile exports to the EU were expected to surge by up to $1billion a year after securing the GSP+ status, effective from January 1, 2014, however the textile sector remained stagnant and witnessed a decline during the last several months of the current year.
Spokesman APTMA Punjab has vociferously rejected the arbitrary decision of Ministry of Water & Power for increasing load shedding from 8 hours earlier to 10 hours a day for the Punjab-based textile industry. He said the government has lost its credibility in the industrial sector of Punjab during last four months.
Mills showed little interest in fresh buying after Pakistan Cotton Ginners Association's (PCGA) fortnightly report, dealers said on Thursday. The official spot rate was unchanged at Rs 5,550, they added. In the session, over 7,000 bales of cotton changed hands between Rs 5575 and Rs 5700, they said. In Sindh, rates recovered some lost ground, gaining Rs 150 to Rs 2700 and Rs 2800, in Punjab prices posted fresh gain of Rs 200 to Rs 2500 and Rs 2750, they said.
Pakistan Cotton Ginners Association (PCGA) released its second cotton arrival figures on Thursday. The PCGA's fortnightly report shows that around 2,750,563 cotton bales were sourced to the country's ginners by September 15th. This year the cotton arrival has shown an increase of 4.73 percent.
Though the domestic mills were making some enquiries for cotton and even purchased some quantities, the tone of the market was barely steady. In fact seed cotton prices have come down and lint prices have also reportedly decreased in about one week's time.
APTMA Chairman Punjab S M Tanveer has expressed concerns over increase in electricity loadshedding for Punjab-based textile industry, consequent to closing down of one shift operations of textile mills on independent feeders. He said in view of the current low temperature, maximum hydel generation and reduced demand due to the unfortunate inundated flood areas of the province and to some extent in the KP and Sindh, it was difficult to understand the motive behind increase in loadshedding for Punjab-based textile industry.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln