08272016Sat
Last update: Sat, 27 Aug 2016 07am

Cotton and Textiles: Pakistan

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Prices tended higher marginally on the cotton market on Friday in the process of tight supply position, dealers said. The official spot rate was unchanged at Rs 6,650, dealers said. In Sindh, seed cotton prices were at Rs 3400-3550 and in Punjab rates of Phutti, were at Rs 3100-3450, per 40 kg, they said. In ready business, around 12,000 bales of cotton changed hands between Rs 6725 and Rs 6900, they said.
Federal Minister for Information and Broadcasting, Senator Pervaiz Rasheed will inaugurate the 16th Textile Asia International Exhibition being held from August 27 to 29, at Lahore Expo Centre. The Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) is organising this mega textile exhibition second time in Lahore in collaboration with Ecommerce Gateway Pakistan, where more than 35,000 trade and corporate visitors are expected to visit during three days.
The textile industry associations have demanded availability of electricity at Rs 8 per unit and gas at Rs 600 MMBTU, inclusive all taxes and Gas Infrastructure Development Surcharge (GIDC) respectively to make their products competitive internationally. Besides, they have sought new connections of electricity and gas for the export-oriented industrial units. This demand was made in a meeting of the Federal Textile Board chaired by the Federal Commerce Minister Khurram Dastgir Khan. Next meeting of the Board will take place on 29th August, to finalise the decision.
Prices stabilised on the cotton market on Thursday in the process of moderate trade activity, dealers said. The official spot rate was unchanged at Rs 6,650, dealers said. In Sindh, seed cotton prices were down by Rs 100 to Rs 3400-3450 and in Punjab rates of Phutti, were inert at Rs 3000-3350, per 40 kg, they said. In ready business, around 13,000 bales of cotton changed hands between Rs 6750 and Rs 7000, they said.
Recent rains in the cotton belt and also Hindu religious festival and the forthcoming Eidul Azha festival have slowed down cotton picking which has provided firmness to the domestic cotton. Otherwise, generally the foreign origin fiber prices in the United States, China and India were reported to be subdued. However, it is mostly observed that the current rains have not damaged the standing cotton crop in any notable way.
On the demand of leading textile industry associations, the Federal Textile Board (FTB) is considering exempting the export-oriented textile sector from the provincial/local holidays. They said the Board was planning to recommend to the provincial governments for exempting the value-added textile industry from holidays in their respective notifications.
Tariq Saud, Chairman All Pakistan Textile Mills Association (APTMA) has expressed gratitude to Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar for releasing the outstanding sales tax refund of Rs 21.44 billion by 31st August 2016 against RPOs issued until 30thApril 2016. The Chairman APTMA termed the govt step a good sign that it honoured its commitment made in the FY17 budget and started the disbursement of outstanding refund claims. He hoped that the announcement made by the Finance Minister would be implemented in letter and spirit.