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Cotton and Textiles: Pakistan

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Spot rate was lower on the cotton market on Saturday amid improved business activity, dealers said. The official spot rate was down by Rs 50 to Rs 4650, dealers said. Seed cotton prices in Sindh were at Rs 1700-2000, In Punjab, prices were at Rs 1700 and Rs 2300, they said. In the ready business, over, 10,000 bales of cotton changed hands between Rs 4600 and Rs 4875, they said.

The talks between government and All Pakistan Textile Mills Association (APTMA''s) to postpone the latter''s strike call of August 7 failed to produce results on Saturday after the Finance Ministry refused to accept industry''s demand for withdrawal of recently imposed surcharges on electricity along with Gas Infrastructure Development Cess (GIDC).
Prices firm on the cotton market on Friday due to selective buying by mills and spinners, dealers said. The official spot rate was unchanged at Rs 4700, dealers said. Seed cotton prices in Sindh were at Rs 1700-2200 and in the Punjab rates were at Rs 1723-2300, they said. In the ready business, over 8000 bales of cotton changed hands between Rs 4600 and Rs 4900, they said.
Poor response in the first tender compelled the Trading Corporation of Pakistan (TCP) to issue another tender for the sale of the remaining cotton procured from domestic market. Sources told Business Recorder Friday that although the state-run grain trader has successfully sold some 6,800 cotton bales in the first tender, however the lower participation in the first tender forced the TCP to issue multiple cotton tender to offload the remaining quality of 88,600 cotton bales.
The Federal Minister for Finance Ishaq Dar has invited the All Pakistan Textile Mills Association leadership for a meeting in Islamabad on Saturday (today) to mull over the textile industry issues and avert its strike call of August 7. The Association has announced to hold a countrywide strike of textile industry on August 7, to highlight that high cost of doing business has challenged the viability of the textile industry. Chairman of the Association S M Tanveer had announced the strike a day earlier after holding an emergent general body meeting of the Association.
Ministry of Commerce (MoC) is unlikely to include any incentives for textile sector in the forthcoming Strategic Trade Policy Framework 2015-18 (STPF) but intends to continue to extend all possible support to Textile Policy, well informed sources told Business Recorder. Textile sector''s share in country''s exports is around 60 per cent but its share in global trade is on the decline due to domestic impediments and global recession.
Spot rate was higher on the cotton market on Thursday amid moderate trading activity, dealers said. The official spot rate was up by Rs 50 to Rs 4700, dealers said. Seed cotton prices in Sindh were at Rs 1700-2000, In Punjab, prices were at Rs 1700 and Rs 2300, they said. In the ready business, over, 4000 bales of cotton changed hands between Rs 4700 and Rs 5000, they said.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln