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Cotton and Textiles: Pakistan


Ministries of Commerce and Textile Industry have reportedly locked horns with Federal Board of Revenue (FBR) for opposing increase in duty on Pet Resin (yarn grade, bottle grade and film grade, well informed sources in Commerce Ministry told Business Recorder. However, all public sector stakeholders are on the same page on proposed increase in duty on Pure Terephtahalic Acid (PTA) from existing three per cent to four per cent, the sources added.

Rates continued fall in line with the international market amid modest activity, dealers said on cotton market on Saturday. The official spot rate dropped further by Rs 50 to Rs 4,750, dealers said. In the ready session, around 3,000 bales of cotton changed hands between Rs 4600 and Rs 4900, they said. The seed cotton rates of inferior type fell in Sindh by Rs 100 to Rs 1600 while the best variety maintained overnight level at Rs 2300, in Punjab price of low type was inert at Rs 1700, the good type, shed Rs 50 to Rs 2500, they said.
Ministry of Textile Industry has launched its first ever textile sector specific business portal in the country. Official sources told Business Recorder on Saturday that the purpose of this site is to enhance business network, locally and globally for members of Pakistan Hosiery Manufacturers Association (PHMA). Users can register themselves online, fill their profile, show case their products and get buying queries.
Pakistan Yarn Merchants Association (PYMA) has demanded imposition of 15 percent regulatory duty (RD) on import of cotton yarn from India. PYMA Zonel Chairman Muhammad Akram Pasha and Zonal Vice-Chairman Adnan Zahid Butt talking to newsmen here on Saturday said that during the six months in 2014, July to December total quantity of yarn imported from India was rupees 15.8 billion while in the same period of preceding year the total import was rupees 4.2 billion. Thus within six months the import of Indian yarn quadrupled, impacting negatively on the local market.
The official spot rate fell modestly on the cotton market on Friday in the process of trading, dealers said. The official spot rate was down by Rs 50 to Rs 4800, they said. The seed cotton rates in Sindh were at Rs 1700 and Rs 2300, in Punjab prices were at Rs 1700 and 2550, they said. In the ready session, over 8000 bales finalised between Rs 3850-5000, they said.
The Pakistan Textile Exporters Association (PTEA) has expressed deep concern over drop of 6.38 percent in textile exports in December 2014 despite the availability of GSP Plus benefit. Unprecedented energy shortage and lack of working capital are the prime reasons behind the substantial drop in exports.
"The carpet export has registered another decline of more than 10 percent during first half of the current fiscal year 2014-15 despite free market access to the EU countries under GSP Plus status." Pakistan Carpet Manufacturers and Exporters Association (PCMEA) Chairman Usman Ghani and Senior Vice Chairman Qamar Zia stated this in a joint statement on Friday.


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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 $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln