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Cotton and Textiles: Pakistan


The Federal Board of Revenue (FBR) has assured All Pakistan Textile Mills Association (APTMA) to issue condonation of textile mills against sales tax on cotton imported during March 1-18, 2013 to clear their amount of sales tax paid as input tax in their subsequent tax period.

Steadier trend was witnessed on cotton market on Monday as mills and spinners continued buying to cover their immediate requirements, dealers said. The official spot rate was unchanged at Rs 5150, dealers said. In the ready session, around 7,000 bales of cotton changed hands between Rs 4850 and Rs 5300, they said.
Textile exporters have termed the over valuation of the rupee, high utility costs, Rs 70 billion working capital withheld by the government due to delayed refunds, as well as growing fear of a recession in the European Union (EU) as primary factors for decline in exports.
The country's raw cotton export fell by 15 percent during the first eight months of the current fiscal year (FY15) mainly due to lower demand and quality issue. Traders said that despite lower cotton prices compared to other competitors, Pakistan's raw cotton was unable to capture the world market.
Former adviser to prime minister on Textile Industry Dr Mirza Ikhtiar Baig said here on Sunday that the country is expecting business deals worth $700 million during Textile Asia Exhibition.
The country has achieved the revised cotton target of 13.48 million bales set for the outgoing season (2014-15), but will fall short of the original target of 15.1 million bales. The government had set initial target of 15.1 million bales for the current season (2014-15), however later the target was revised three times to finally set it at 13.48 million bales due to multiple issues including water shortage, rains/floods, and shortage of certified seed. The government has set cotton production target for the next season (2015-16) at 15.49 million bales.
Rates drifted lower modestly following the emergence of negative developments in the Middle East, dealers said on the cotton market on Saturday. The official spot rate was unchanged at Rs 5150, dealers said. In the ready session, around 5,000 bales of cotton changed hands between Rs 4900 and Rs 5300, they said.


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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 $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln