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Cotton and Textiles: Pakistan

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Exporters showed little interest in fresh buying on the cotton market on Monday in the process of slow arrivals of seed cotton, dealers said. The official spot rate was unchanged at Rs 4,750, they added. In the ready session, around 13,000 bales of cotton changed hands between Rs 4600-5000, they said. In Sindh, prices were unchanged at Rs 1600 and Rs 2350, in Punjab prices were at Rs 1800 and Rs 2550, they said.

Prime Minister Nawaz Sharif's timely response to the energy-stricken Punjab-based textile industry has brought the desired results as the textile exports data for November 2014 suggests 51 percent increase in yarn exports besides brining the value-added sector to positive zone overall.
The Economic Co-ordination Committee (ECC) neither discussed the matter of waiving 5 percent sales tax on oil cake nor asked the Trading Corporation of Pakistan (TCP) to purchase 20 million bales of all grades of cotton, nor impose the ban on the import of cotton lint or cotton-yarn as assured by Federal Finance Minister Ishaq Dar and Chairman of the Federal Board of Revenue in the first week of December.
Textile exports from the country surged by 13.02 percent in November 2014 as compared to the corresponding period of last year, according to the data released by Pakistan Bureau of Statistics.
The state-run grain trader completed the procurement of some 72,300 cotton bales to stabilise the price in the domestic market. Sources told Business Recorder on Saturday that arrival of cotton bales in the Trading Corporation of Pakistan godowns is gradually increasing at 10 centers and the quantity is likely to reach Karachi next week.
General trend in the cotton market was firm, following the rising demand by mills and spinners, dealers said on Saturday. The official spot rate was unchanged at Rs 4,750, they added. In the ready session, around 20,000 bales of cotton changed hands between Rs 3500-5000, they said. In Sindh, prices were unchanged at Rs 1600 and Rs 2300, in Punjab prices were inert at Rs 2100 and Rs 2600, they said.
Official spot rates recovered more due to rising demand for best quality of cotton by the spinners and mills, dealers said on Friday on the local market. The official spot rate picked up further Rs 50 to Rs 4,750, they added. In the ready session, around 10,000 bales of cotton changed hands between Rs 4600-5000, they said. In Sindh, prices recovered overnight, gaining Rs 100 to Rs 1600 and Rs 2300, in Punjab price of low type also rose by Rs 100 to Rs 2100, however, the good type shed Rs 50 to Rs 2600, they said.

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyDecember 22, 2014
Reserves $14.042 bln