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Cotton and Textiles: Pakistan

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Short supply of seed cotton after monsoon rains pushed rates higher on the cotton market on Tuesday in the process of thin business, dealers said. The official spot rate gained Rs 50 to Rs 4650, dealers said. Seed cotton prices in Sindh and Punjab were at Rs 1800-2300, they said. In the ready business, over, 3000 bales of cotton changed hands between Rs 4700 and Rs 5000, they said.

An All Pakistan Textile Mills Association spokesman has said that an emergent meeting has been called for July 29 to evolve an appropriate strategy to restore viability of the textile industry. He said 100 Punjab-based textile millers had made a requisition to the association to convene the meeting which might also consider the option of closing down mills.
Fresh monsoon rains in the country curtailed supply of seed cotton, which helped the rates to sustain present levels, dealers said on the cotton market on Monday. The official spot rate was unchanged at Rs 4600, dealers said. Seed cotton prices in Sindh and Punjab were at Rs 2000-2300, they said. In the ready business, over, 1800 bales of cotton changed hands between Rs 4700 and Rs 4725, they said.
All Pakistan Textile Mills Association Chairman SM Tanveer has feared over the continuing decline in the textile exports this June. He said the textile sector exports had registered a significant decline in quantity terms during June against the corresponding period. "The exports of cloth have declined by 27.5 percent, followed by 12 percent in ready-made garments, 65 percent in art, silk and synthetic, 4.2 percent in towel and 32 percent yarn other than cotton yarn. The textile sector exports have registered downward growth by 2.65 percent in value terms this June."
Pakistan Businessmen and Intellectuals Forum's (PBIF) president Mian Zahid Hussain has demanded of the government to review exchange and monetary policies. He also highlighted the problems being faced textile sector, saying around 30 per cent textile mills have been closed and if the situation remained unchanged more bad news will follow.
Pakistan Tanners Association (PTA) (S.Z) Chairman Hamid A Zahur has appealed to the government to withdraw Gas Infrastructure Development Cess (GIDC). He said that the industry could not bear any additional taxes or levies as the cost of doing business had gone out of control. Zahur said that the export-oriented industries, especially leather and its allied units, were facing stiff competition in the global markets and its exports had already declined as compared to past years.
Mills and spinners showed interest in fresh buying of cotton, which helped the rates to hold firmness, dealers said on the cotton market on Saturday. The official spot rate was unchanged at Rs 4600, dealers said. Seed cotton prices in Sindh were at Rs 2200-2300 and in Punjab rates were at Rs 2200 and Rs 2350, they said. In the ready business, over, 3000 bales of cotton changed hands between Rs 4700 and Rs 5080, 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