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Cotton and Textiles: Pakistan

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Not much trading activity as seen on the cotton market on Wednesday as most of the ginners kept on the sidelines as mills were not ready to oblige them, dealers said. The official spot rate maintained overnight level at Rs 5,150, they added. In the ready session, over 4,000 bales of cotton changed hands between Rs 5250 and Rs 5300, they said. In Sindh, rates were down modestly at Rs 2350 and Rs 2450, in Punjab prices were at Rs 2200 and Rs 2450, they said.

On the conclusion of annual elections for 2014-15 of the All Pakistan Textile Processing Mills Association (APTPMA), Anees Ahmed Motiwala of M/s Motiwala Industries, Karachi, was elected Chairman, and Idrees Ahmed of M/s Rashid Textile Printing Industries, Faisalabad, was elected Senior Vice Chairman while Muhammad Ahmed of M/s Ahmed Jamal Textile, Faisalabad, M Yaseen Essa of M/s Essatex Industries, Karachi, and Khawaja Shahzad Nasir of M/s Kh Nasir Uddin & Sons, Lahore, were elected Vice Chairmen from Faisalabad, Karachi and Lahore/Gujranwala, respectively.
Pakistan Denim Manufacturers and Exporters Association (PDMEA) elected unopposed all its office-bearers and executive committee members for 2014-15. Shoaib Majeed of Mekotex (Pvt) Ltd has been elected Chairman and Treasurer, Ahmed Humayun Sheikh of Azgard Ltd as Senior Vice Chairman, Abdul Raheem of Siddiqsons Denim Mills and Raza Agha of Denim International picked up as Vice Chairmen, said a press release here on Wednesday.
Mills, spinners indulged in selective buying on the cotton market on Tuesday to meet the export obligations, dealers said. The official spot rate maintained rising trend, gaining Rs 50 to Rs 5,150, they added. In the ready session, over 7,000 bales of cotton changed hands between Rs 5000 and Rs 5400, they said. In Sindh, rates were at Rs 2400 and Rs 2550, in Punjab prices were at Rs 2300 and Rs 2550, they said.
Central Chairman Aptma S M Tanveer has said that the Aptma will make all-out efforts to ensure uninterrupted supply of gas and electricity to industrial industries. He said that status of GSP Plus is a huge success which was achieved through collective efforts of the government and the Aptma. He stated this after assuming charge of Central Chairman Aptma on Tuesday at the Aptma House.
Bernard Francois, Head of Co-operation, Delegation of the European Union (EU) to Pakistan Tuesday inaugurated the EU funded "Pakistan Leather Competitiveness Improvement Program (PLCIP)" under the EU Trade Related Technical Assistance Program. The Program will help boost growth in the leather sector, which has been stagnant or declining for the past few years.
Steadier trend prevailed on the cotton market on Monday as prices depicted firmness due to slow supplies, dealers said. The official spot rate was up by Rs 50 to Rs 5,100, they added. In the ready session, over 9,000 bales of cotton changed hands between Rs 5050 and Rs 5400, they said. In Sindh, rates were higher by Rs 100 to Rs 2450 and Rs 2550, in Punjab prices were up by Rs 200 to Rs 2400 and Rs 2550, they said.

 



 
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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 $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln