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Cotton and Textiles: Pakistan


Rates of fine quality went up sharply on the cotton market on Thursday in the process of trading, some dealers said. The official spot rate was unchanged at Rs 5350, dealers said. Over 4,000 bales of cotton sold between Rs 4000 and Rs 5600, 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.

Regular mills buying ahead of the 1st of May, 2015 holiday followed by a long weekend sent cotton prices upwards this week in the domestic market by Rs 100 to Rs 150 per maund (37.32 Ksg) in a tight market. Upward drive in prices of cotton in the USA, India and China, lent a bullish fervor to the domestic cotton prices in Pakistan.
Sizeable business was seen on the cotton market on Wednesday as mills and spinners indulged in making forward deals, some dealers said.
Federal Secretary Textile Muhammad Amir Khan Marwat visited the All Pakistan Textile Mills Association (APTMA) on Wednesday to discuss issues relating to viability of textile industry and way forward. Central Chairman APTMA S M Tanveer, Chairman APTMA Punjab Sheikh Muhammad Akbar, along with APTMA members, welcomed him at the APTMA Punjab House.
Pakistan Apparel Forum on Wednesday opposed the government's proposal to increase sales tax on exports from two percent to five percent, warning that the hike would hurt the economy. Talking to Business Recorder, Chairman PAF, Muhammad Javed Bilwani, said that the government was going to increase sales tax on exports to five percent which might damage the country's economy and hurt the exporting sector badly.
Expressing grave concern over 16 percent slide in textile exports in March, Pakistan Yarn Merchants Association (PYMA) has demanded emergent measures to boost exports of the country.
An upward trend prevailed on the cotton market on Tuesday as mills and spinners showed interest in forward buying to cover their need, dealers said. The official spot rate was higher by Rs 50 to Rs 5350, dealers said. Over, 5,000 bales of cotton sold between Rs 4125 and Rs 5650, they said.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln