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Cotton and Textiles: Pakistan

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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.
The lack of liaison between the Ministry of Water and Power (MoW&P) and the textile industry is causing production losses since power distribution companies are least bothered about sharing information with the industry on power-cut schedules.
The Lahore Stock Exchange (LSE) has decided to de-list Libaas Textile Limited from the LSE Ready Board Quotations from March 31, 2015 because of its merger with Ghani Global Glass Limited, says a circular issued by the Exchange.
Pakistan Textile Exporters Association (PTEA) has opposed the proposed plan of increase in power loadshedding for industries. Criticising the proposed power loadshedding plan for industries, Chairman PTEA Sohail Pasha and member Rizwan Riaz Saigal in a statement on Saturday have expressed extreme concerns over the rising electricity loadshedding and urged the government to take war footing measures to overcome this situation as it has created new threats to the future survival of industries and the overall economy.
The Federal Board of Revenue (FBR) has clarified that income tax at the rate of 1 percent under sub-section (1) of section 154 of the Income Tax Ordinance 2001 will be deducted on the foreign exchange proceeds realised in Pakistan.
Pakistan Tanners Association (PTA) while expressing its concern on the collection of 0.25 percent Export Development Surcharge (EDS) from the export proceeds for the last several years has demanded of the government to withdraw the EDS. PTA Chairman Muhammad Musaddiq in a statement on Saturday urged the government to stop recovery of 0.25 percent EDS from each export consignment.

 



 
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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%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln