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Cotton and Textiles: Pakistan


Cotton market faces prolonged closure beginning this weekend extending practically to the beginning of August 2014 due to the Eid-ul-Fitr holidays notified by the government from the 29th of July to the 1st of August 2014. Including the pre-Eid and post Eid weekends, the cotton market, indeed all business activity in Pakistan, will remain mostly closed till the beginning of August 2014.

Moderate trading was seen on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was unchanged at Rs 5800, they said. The seed cotton prices were lower by Rs 100 to Rs 2800-2900, in the ready session, around 8000 bales of cotton were finalized between Rs 5800 and Rs 5900, they said.
Cotton crop has been sown over 5.67 million acres of land in Punjab that is 0.33 million acres less than the target to produce 10.5 million cotton bales. Talking to Business Recorder here on Wednesday, Director General Agriculture Extension Services Dr Anjum Ali said that after the recent rains and drop in temperature, the weather has become very conducive for healthy growth of the cash crop that is backbone of the rural economy and textile industry of the country.
Continued fall in rates, propelled mills to make more deals ahead of Eid-ul-Fitr holidays, dealers said on the cotton market on Wednesday. The official spot rate was down by Rs 100 to Rs 5800, they added. The prices of seed cotton in Sindh and Punjab dropped by Rs 200 to Rs 2900-3000, they said. In the ready session, over 9000 bales of cotton changed hands between Rs 5875-5950, they said.
Exports of textile group surged by 5.30 percent to $13.738 billion during July-June 2013-14 against $13.047 billion a year ago, data of Pakistan Bureau of Statistics showed. The details of trade figures revealed that textile exports dipped by 1.52 percent to $1.113 billion during June 2014 against $1.130 billion in the same period of last year.
Finance Minister Ishaq Dar has turned a deaf ear to the repeated request of textile ministry to convene a meeting of the cabinet committee on energy to seek a solution to their major problem, it is learnt. Textile exports witnessed a sharp decline of 7.5 percent during the month of June and registered $1.086 billion against $1.175 billion during the same period of last financial year mainly attributable to the severe energy crisis and the recent appreciation of the local currency against dollar, well-placed sources revealed to Business Recorder.
Over 80 top companies and brand names have so far registered themselves to represent Pakistan in the 2nd Made in Pakistan Exhibition being held in Mumbai (India) from August 31, to September 05, 2014. After the great success of the 1st Made in Pakistan Expo in Mumbai in April 2014, Pakistan Readymade Garments Manufacturer and Exporters Association (PRGMEA) with the support of Association of Indian Industries are organising the 2nd Made in Pakistan Expo in Mumbai titled "Festival of Friendship" at World Trade Centre, Mumbai.


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln