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Cotton and Textiles: Pakistan

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Exporters' buying pushed the rates higher on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was unchanged at Rs 4,950, dealers said. In the ready session, around 14,000 bales of cotton changed hands between Rs 4850 and Rs 5200, they said. Prices of seed cotton in Sindh were unchanged at Rs 1800 and 2350 while in the Punjab phutti rates were at Rs 2000 and Rs 2600, dealers said.

Cotton market was fully steady on Thursday due to generally higher advises from the USA as well as India. Domestic buying by both the mills and the exporters kept cotton prices on the higher side. Better yarn prices and steady performance of the mills also kept lint prices in a stable condition. A reputed international merchant was also said to be picking up cotton both in Multan and Karachi and is stocking the same.
Pakistan Tanners Association's (PTA) South Zone chapter's chairman Hamid A Zahoor has said that all the previous governments in Pakistan had made no serious efforts to find out alternative sources of revenue or to broaden the tax base.
Despite selective buying by mills and spinners rates held the present levels on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 4,950, they said. In the ready session, nearly 11,000 bales of cotton changed hands between Rs 4475 and Rs 5150, they said. Prices of Seed cotton in Sindh and Punjab were unchanged.
Pakistan Bedwear Export Association's (PBEA) chairman Shabir Ahmed has urged Federal Board of Revenue (FBR) to direct Inland Revenue (RTO), Karachi, to clear Sales Tax refund claims expeditiously. In a letter written to FBR chief, Tariq Bajwa, he said that the PBEA's members have informed him that Karachi's Inland Revenue (RTO) was issuing them show-cause notices, instead of expediting the cases pertaining to their Sales Tax refund claims.
The new parking system in the city has become encroachment itself and the only way out of this aggravating problem is construction of parking plazas at specified points. This was stated by Central Chairman Qaiser Shamas Guccha, Zonal Chairman Muhammad Akram Pasha and Zonal Vice Chairman Adnan Zahid of Pakistan yarn Merchants Association (PYMA) in a statement issued here on Wednesday.
Sustained buying by mills, spinners and exporters helped prices to maintain firm trend on the cotton market on Tuesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 4950, dealers said. In the ready session, around 18,000 bales of cotton changed hands between Rs 4000 and Rs 5200, they said.

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln