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Cotton and Textiles: Pakistan

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Firmness prevailed on the cotton market on Friday in the process of modest trading, dealers said. The official spot rate held the overnight level at Rs 5800, they added. The prices of seed cotton in Sindh and Punjab were unchanged at Rs 2800-2900, they said. In the ready session, around 5000 bales of cotton changed hands between Rs 5800-5700, they said.

Pakistan Cotton Ginners Association (PCGA) has urged the government to save the cotton sector from ruination and take steps to restrict establishment of sugar mills in cotton belt, impose ban on the cultivation of sugarcane in cotton zone. The PCGA also asked the govt to withdraw sales tax on oil-cake which caused the reduction in prices of oil-seed (binola) by Rs 700 per maund and cotton (Phutti) by Rs 500 maund.
The Punjab-based textile industry is looking hopefully towards the government for resolution of energy supply issue soon after Eid. Especially, the SNGPL has notified an increase in gas supply to the captive power plants from six hours a day to eight hours a day from Eid onwards. It is a bit respite for the energy-starved textile industry in Punjab.
Textile manufacturers and exporters spent 599.219 million dollars during outgoing fiscal year 2013-14 to import machinery to replace the existing equipment to augment their annual output, exporters said on Friday. They said their industrial machineries had slaked production, which were replaced with a better technology to improve the output.
Cotton market faces prolonged closure beginning this weekend extending practically to the beginning of August 2014 due to the Eid-ul-Fitr holidays notified by the government from the 29th of July to the 1st of August 2014. Including the pre-Eid and post Eid weekends, the cotton market, indeed all business activity in Pakistan, will remain mostly closed till the beginning of August 2014.
Moderate trading was seen on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was unchanged at Rs 5800, they said. The seed cotton prices were lower by Rs 100 to Rs 2800-2900, in the ready session, around 8000 bales of cotton were finalized between Rs 5800 and Rs 5900, they said.
Cotton crop has been sown over 5.67 million acres of land in Punjab that is 0.33 million acres less than the target to produce 10.5 million cotton bales. Talking to Business Recorder here on Wednesday, Director General Agriculture Extension Services Dr Anjum Ali said that after the recent rains and drop in temperature, the weather has become very conducive for healthy growth of the cash crop that is backbone of the rural economy and textile industry of the country.

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln