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Cotton and Textiles: Pakistan

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Exporters and mills showed interest in fresh buying on the cotton market on Wednesday to meet the urgent requirements, dealers said. The official spot rate was unchanged at Rs 6,400, they added. In the ready session, around 5000 bales of cotton changed hands between Rs 5800-6300, dealers said.

Pakistan Textile Exporters Association (PTEA) demands of the government to bail out textile industry and exports from current crisis by removing hurdles and provision of necessary incentives to expand economy create new jobs and generate forex for the country. After presenting proposals to Federal Minister for Textile Industry, Sheikh Ilyas Mahmood, Chairman briefed the newsmen that most ticklish issue is high cost of doing business as prices of raw materials and inputs have sky rocketed making our products uncompetitive in international market.
A spokesman for APTMA has said that five days a week supply to the Punjab-based textile industry can save the mills from a disastrous situation ahead. According to him, the Punjab-based textile mills possess the capacity of generating 1200MW through Captive Power Plants to mitigate inter-provincial disparity on energy supplies.
Pakistan Apparel Forum (PAF) has warned the government of Economic Co-ordination Committee's (ECC) move to drop five percent duty exemption on import of cotton yarn will cause a huge fall in value-added textile export under the GSP plus facility. "The recent decision of the Cabinet's ECC to withdraw 5 percent duty exemption on import of cotton yarn has sounded alarm bells," opined the Forum's Chairman Muhammad Jawed Bilwani.
No visible change was seen on the cotton market on Tuesday as most of the participants were on the sidelines in the absence of fresh leads, dealers said. The official spot rate was unchanged at Rs 6,400, they added. In the ready session, around 1600 bales of cotton changed hands between Rs 6000-6400, dealers said.
Business activity failed to show any improvement after the ECC move as was expected by the traders, dealers said on the cotton market on Monday. The official spot rate was unchanged at Rs 6,400, they added. In the ready session, around 1500 bales of cotton changed hands between Rs 5300-6350, dealers said.
APTMA leadership has demanded equal treatment in line with India on rupee revaluation to ensure growth and sustainability under the present regime. Addressing a press conference, APTMA has demanded 10 percent compensatory support as India did in 2007 by announcing support twice when Indian rupee had appreciated by 9.7 percent against dollar.

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln