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Cotton and Textiles: Pakistan

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Spot rate was raised by Rs 100 by the Karachi Cotton Association (KCA) amid improved business activity on the cotton on Wednesday, dealers said. The official spot rate gained Rs 100 to Rs 6,400 in a single day rally, they said. In the ready business, business activity accelerated as over 6,000 bales of cotton changed hand between 5850-6575, dealers said.

The Karachi Cotton Association strongly opposed the introduction of International Cotton (Icotton) Futures Contract at Pakistan Mercantile Exchange Limited (PMEX) as the same decision has been taken by the government without adequate consultation with the stakeholders of the cotton economy ie the KCA, APTMA, PCGA, FAP and PCF.
Pakistan Ready-made Garments Manufacturers and Exporters Association (Prgmea) said on Wednesday that the PML-N government should make it a top priority for obtaining Generalised System of Preferences (GSP) Plus status for Pakistan to strengthen the country economically, besides improving foreign exchange.
Expectations for improvement in the law and order situation in the country encouraged the millers and spinners to make forward buying, dealers said on the cotton market on Tuesday. The official spot rate was unchanged at Rs 6,300, they said. In the ready business, activity picked up as over 5000 bales of cotton changed hand between 4700-6700, dealers said.
Atif Dada and the Board of Directors of the Karachi Cotton Association (KCA) extend their felicitations to Mian Nawaz Sharif and Mian Shahbaz Sharif over the victory of the PML-N in the recent elections. The KCA feels that a Party with a substantial majority at the Centre and in the Punjab and significant representation in the other two provinces is more likely to address the issues facing by the trade and industry of Pakistan.
Group leader All Pakistan Textile Mills Association (APTMA) Gohar Ejaz said on Tuesday that the industry is looking for permanent solutions to the energy crisis from the new government of the PML-N. He was addressing a press conference after attending an emergent meeting of APTMA, attended by the APTMA members from throughout the country through video link. Central Chairman APTMA Ahsan Bashir and Chairman APTMA Punjab Shahzad Ali Khan besides other office bearers of the Association were also present on the occasion.
Exporters can now access their profiles directly through new features of web-based one customs (Weboc) facility, which Pakistan Revenue Automation Limited (Pral) has just added to the system. At training workshop, which Pakistan Hosiery Manufacturers and Exporters Association (PHMA) organised at its main office on Tuesday, Pral representatives - Khazeem Niazi and Arshad Hussain apprised the exporters of the new features in the system.

 



 
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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyApril
Trade Balance $-1.779 bln
Exports $2.130 bln
Imports $3.909 bln
WeeklyMay 20, 2013
Reserves $11.601 bln