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Cotton and Textiles: Pakistan


An upward trend was seen on the cotton market on Monday as mills and exporters took interest in purchasing of quality lint to meet their needs, dealers said. The official spot rate gained Rs 50 to Rs 5000, dealers said. In the ready session, nealy 6,000 bales of cotton changed hands between Rs 4000 and Rs 5200, they said.

The Pakistan Textile City Karachi project is on the verge of collapse, incurring huge loss to the national exchequer as the government is paying about Rs 400 million as interest on banks loans per annum. This was revealed by Federal Minister for Textile Industry Abbas Khan Afridi while briefing the National Assembly Standing Committee on Textile Industry here on Monday. The meeting was presided over by Khawaja Ghulam Rasool Koreja.
State Bank of Pakistan (SBP) has directed the banks/DFIs to lodge claims for Mark up Support for Textile Sector against Long Term Loans for the six months period from September 2011 to February 2012. Under the scheme, Ministry of Textile Industry (MINTEX) supports in extent of 5 percent or the difference in mark-up rate between floating rate loan and LTF rate, which is lower.
Bangladeshi High Commissioner Sohrab Hussain visited on Monday the All Pakistan Textile Mills Association (APTMA). Chairman S M Tanveer welcomed him at the association's Punjab House. In his speech, the APTMA chairman talked about his association's significance in Pakistan's economy, saying Pakistan's total exports to Bangladesh stood at $718 million in 2013-14, out of which the textile exports were recorded at $709 million.
The Pakistan Tannery Association is holding Mega Leather Show 2015 from 6th March to 8th March at the Lahore International Expo Centre for the revival of the leather industry of Pakistan. Key Government of Pakistan officials, foreign associations and diplomats are expected to attend the expo which is a unique and first ever biggest expo of its kind in Pakistan.
Leading buyers kept on the sidelines on the cotton market on Saturday amid tight supply position, dealers said. The official spot rate was unchanged at Rs 4,950, dealers said. In the ready session, approximately 9,000 bales of cotton changed hands between Rs 3850 and Rs 5150, they said.
The Chief Executive of TDAP S M Muneer has urged the government to immediately pay sales tax refund to business community which were delayed for last two years. This is a great hurdle in the economic growth of country. "If government pays this refund to all business community, he takes responsibility to take export to $5 billion during this year," he added.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln