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Cotton and Textiles: Pakistan


Prices stabilised slightly on the cotton market on Thursday as the Trading Corporation of Pakistan (TCP) started purchasing from the ginners, dealers said. The official spot rate maintained overnight level at Rs 4,800, they added. In the ready session, over 23,000 bales of cotton changed hands between Rs 4675-5100, they said. In Sindh, rates were unchanged at Rs 1600 and Rs 2450, in Punjab prices firmly held the overnight levels at Rs 2100 and Rs 2650, they said.

At best, activity on the cotton market was moderate where mostly easy and subdued tendency was apparent, even though a few exporters also participated. The induction of the Trading Corporation of Pakistan (TCP) to buy cotton and stabilise the prices has yet to show any remarkable progress in lifting the lint prices for the benefit of the growers.
The following six licensed cotton brokers of Naseem Usman Panel have been duly elected unopposed as members of the Brokers Advisory Committee of Karachi Cotton Association (KCA) for the years 2014-2015. Muhammad Naseem Usman Chairman, Muhammad Taufique Haroon Vice Chairman, Abdul Jaleel Khan Secretary, Faraz Muhammad Yousuf Joint Secretary, Taqi Abbas Treasurer and Girdhari Lal Assudomal.
Federal Minister for Textile and Industries Abbas Khan Afridi said on Thursday the government was preparing a new textile policy which would incorporate all stakeholders of the textile sector. Addressing the Pakistan Textile Summit at a local hotel, he said the policy would be delayed for 20 to 25 days to make it more comprehensive and result-oriented.
Former chairman of Pakistan Cotton Ginners Association (PCGA) Masood A. Majeed has said that Chinese businessmen are evincing interest to invest in the ginning and textile sectors. He urged the government to relocate 200 spinning mills in Punjab, allow leasing of land at $8,900 per acre per annum and provide electricity at 12 US cents per unit.
Value added textile industry in Punjab will continue to get gas throughout shortage period of winter on the special directive of Prime Minister Nawaz Sharif, said Mian Abdul Mannan MNA. Talking to journalists here on Monday, he said that we all know the gas consumption is increase manifold by domestic sector during winter and hence government has to take different measures to save people from inconvenience.
Pakistan Ready-made Garments Manufacturers and Exporters Association (Prgmea) on Thursday expressed disappointment over not inviting the value-added textile sector to a conference held at Lahore on Thursday under the aegis of Textile Ministry. Talking to Business Recorder, Prgmea's central chairman Ijaz A Khokhar said the ministry's act of ignoring the value-added textile sector at its textile conference amounted to discrimination.


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln