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Cotton and Textiles: Pakistan

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Prices fell on the cotton market on Wednesday as a result of increase in arrivals of seed cotton, dealers said. The official spot rate was unchanged at Rs 6,500, they said. In the ready business, after a long-time, over 10,000 bales of cotton changed hands between Rs 5100-6950, dealers said. Prices for seed cotton per 40 kg from Sindh at Rs 2800-2900, they said.

Pakistan Bedwear Exporters Association (PBEA) has welcomed the appointment of Qasim Niaz as secretary, ministry of commerce. Shabir Ahmed former chairman, PBEA in a statement issued here on Wednesday said: "this appointment is a living testimony of the prime minister and government's policy of choosing 'the right man' for the job."
An upward trend prevailed on the cotton market on Tuesday as official spot rate gained sharply amid modest trading, dealers said. The Karachi Cotton Association (KCA) raised official spot rate by Rs 100 to Rs 6,500, they said. In the ready business, nearly 2000 bales of cotton changed hands between Rs 5125-6800, dealers said. Prices for seed cotton per 40 kg from Sindh at Rs 3000-3050, they said.
Financial transactions have been put on hold at Pakistan Central Cotton Committee (PCCC) for last one year due to what sources said that the budget for last financial year 2012-13 was still pending for approval due to negligence of the authorities concerned, it is learnt.
Official spot and seed cotton prices declined on the cotton market on Monday in the process of lacklustre business activity, dealers said. The official spot rate was lower by Rs 50 to Rs 6,400, they said. In the ready business, as a result of increase in Phutti arrivals, mills showed little interest in fresh purchasing. In the meantime, the ginners were not in a hasty mood to sell the stuff, dealers said. Prices for seed cotton per 40 kg from Sindh shed Rs 50 to Rs at Rs 3050-3150, they said.
Mian Ajmal Farooq, Chairman All Pakistan Textile Processing Mills Association (APTPMA), has said that no relief had been provided to the textile industry in the Budget 2013-14, therefore, it needs to be reviewed for some relief measures to the industry keeping in view present electricity and gas crisis the industry has been facing for last many years.
Modest trading activity was witnessed on the cotton market at the week-end as most of the mills and spinners preferred to be sidelines, dealers said. The official spot rate was unchanged at Rs 6,450, they said. In the ready business, around 3000 bales of cotton sold between Rs 5100-6600, dealers said. Prices for seed cotton per 40 kg from Sindh were at Rs 3100-3200, they said.

 



 
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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyMay
Trade Balance $-2.171 bln
Exports $2.175 bln
Imports $4.346 bln
WeeklyJune 17, 2013
Reserves $11.446 bln