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Cotton and Textiles: Pakistan

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Modest trading activity was seen on the cotton market on Thursday as exporters showed interest in buying to meet their needs, dealers said. The official spot rate resisted further decline, restaining overnight levels at Rs 6,400, they added. Prices of seed cotton in Sindh and Punjab per 40 kg were unchanged at Rs 2800 and Rs 3100, dealers said. In the ready session, over 3000 bales of cotton changed hands between Rs 5850-6375, dealers said.

Pakistan's raw cotton import plunged by 29 percent to $395.386 million during July-February 2013-14, according to the official statistics. The import of raw cotton posted a fall of $159.033 million during July-February as compared the commodity's import of $554.419 million in the same period last fiscal year, Pakistan Bureau of Statistics (PBS) said.
Cotton prices continued their downward drive this week conceding another Rs 100 to Rs 150 per maund. Conditions on the cotton market are bearish and offtake of lint is decidedly low. Hardly any meaningful business is reported from the cotton market where ginners may still be saddled with close to half a million unsold bales of cotton from the current season (2013-2014).
Cotton Commissioner and Vice President of PCCC Dr Khalid Abdullah has said the new varieties of BT cotton would be evolved for next season to boost up the cotton production and achieve the target in the country. The 16 varieties would be despatched to National Co-ordinator varietals trial and a committee of the experts and agricultural scientists would submit the final report about the germination and resistance of these varieties.
All Pakistan Textile Mills Association (APTMA) has apprehended that the Federal Board of Revenue (FBR) may issue unnecessary notices to the textile mills for recovery of sales tax on supply of yarn under SRO 1125(I)/2011 so a sales tax clarification be issued to put things in the right perspective. It is learnt on Thursday that the APTMA has taken up the matter with the FBR on the interpretation of clause (IV) of SRO 1125(1)/2011 relating to local supply of textile yarn.
Pakistan Yarn Merchants Association's (PYMA) said that more than half of Rs 170 million sales tax has been deposited by the concerned mills in the government exchequer and the remaining tax amount will be deposited very soon. Talking to newsmen here on Thursday after a meeting with Mahmood Aslam Lillah, Commissioner local Regional Tax Office, the delegation said that yarn market businessmen were patriotic citizen and fully realised their tax responsibility.
Prices declined on the cotton market on Wednesday owing to the slow demand from mills and exporters, dealers said. The official spot rate was down by Rs 100 to Rs 6,400, they added. Prices of seed cotton in Sindh and Punjab per 40 kg were unchanged at Rs 2800 and Rs 3100, dealers said. In the ready session, over 3000 bales of cotton changed hands between Rs 5900-6400, dealers said.

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln