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Cotton and Textiles: Pakistan

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Forward buying again witnessed on the cotton market on Wednesday as mills and spinners continued buying to cover urgent needs, dealers said. The official spot rate maintained last level at Rs 5,100, they added. In the ready session, around, 20,000 bales of cotton changed hands between Rs 4600 and Rs 5300, they said. In Sindh, rates of seed cotton were at Rs 2000 and Rs 2500, in Punjab prices were unchanged at Rs 2400 and Rs 2600, they said.

The Economic Co-ordination Committee (ECC) of the Cabinet is expected to approve five-year Textile Policy (2014-19) today (Thursday) envisaging textile exports at $26 billion, besides creating three million jobs, official sources revealed. According to sources, the Textile Policy was on the agenda of the ECC meeting on Wednesday, however due to shortage of time the item would be discussed during the Thursday''s meeting.
Prices showed slight improvement on persistent demand by mills and spinners, dealers said on the cotton market on Tuesday. The official spot rate maintained last level at Rs 5,100, they added. In the ready session, around, 30,000 bales of cotton changed hands between Rs 5200 and Rs 5325, they said. In Sindh, rates of seed cotton were at Rs 2000 and Rs 2500, in Punjab prices were unchanged at Rs 2400 and Rs 2600, they said.
Textile industry has sounded alarm bell of massive closure of industries as a result of gas supply cut or reduction in existing 33 percent gas quota for export-oriented textile sector in upcoming months.
The Economic Co-ordination Committee (ECC) of the Cabinet is to approve restructuring of Pakistan Central Cotton Committee (PCCC) at the behest of All Pakistan Textile Mills Association (APTMA), well-informed sources told Business Recorder. The PCCC is an apex organisation established under the Cotton Cess Act 1923 with the mandate to develop cotton crop in Pakistan through research.
Cautious buying by mills and spinners continued on the cotton market on Monday in the process of trading, dealers said. The official spot rate maintained last level at Rs 5,100, they added. In the ready session, around, 17,000 bales of cotton changed hands between Rs 5100 and Rs 5350, they said. In Sindh, rates were at Rs 2000 and Rs 2500, in Punjab prices were unchanged at Rs 2400 and Rs 2600, they said.
Punjab Board of Investment and Trade (PBIT) facilitated renowned Chinese manufacturing company, Shanghai Challenge Textile Ltd, to enter into a joint venture (JV) agreement with Paradise Apparels of Khawaja Asem Khurshid former President Faisalabad Chamber of Commerce, in Pakistan. According to the spokesperson of the PBIT the initial investment in the primary phase would be of US $10 Million.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln