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Cotton and Textiles: Pakistan

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Most of the leading buyers were on the sidelines as ginners started raising asking prices due to diminishing stock of fine type with the ginners, dealers said on Friday. The official spot rate was unchanged at Rs 4,950, dealers said. In the ready session, around 10,000 bales of cotton changed hands between Rs 4400 and Rs 5200, they said.

The Sui gas supply to the Punjab-based textile industry has been increased to six hours a day temporarily against four hours a day earlier. However, the textile circles are yet expecting more in order to ensure full operations of production capacities.
Exporters' buying pushed the rates higher on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was unchanged at Rs 4,950, dealers said. In the ready session, around 14,000 bales of cotton changed hands between Rs 4850 and Rs 5200, they said. Prices of seed cotton in Sindh were unchanged at Rs 1800 and 2350 while in the Punjab phutti rates were at Rs 2000 and Rs 2600, dealers said.
Cotton market was fully steady on Thursday due to generally higher advises from the USA as well as India. Domestic buying by both the mills and the exporters kept cotton prices on the higher side. Better yarn prices and steady performance of the mills also kept lint prices in a stable condition. A reputed international merchant was also said to be picking up cotton both in Multan and Karachi and is stocking the same.
Pakistan Tanners Association's (PTA) South Zone chapter's chairman Hamid A Zahoor has said that all the previous governments in Pakistan had made no serious efforts to find out alternative sources of revenue or to broaden the tax base.
Despite selective buying by mills and spinners rates held the present levels on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 4,950, they said. In the ready session, nearly 11,000 bales of cotton changed hands between Rs 4475 and Rs 5150, they said. Prices of Seed cotton in Sindh and Punjab were unchanged.
Pakistan Bedwear Export Association's (PBEA) chairman Shabir Ahmed has urged Federal Board of Revenue (FBR) to direct Inland Revenue (RTO), Karachi, to clear Sales Tax refund claims expeditiously. In a letter written to FBR chief, Tariq Bajwa, he said that the PBEA's members have informed him that Karachi's Inland Revenue (RTO) was issuing them show-cause notices, instead of expediting the cases pertaining to their Sales Tax refund claims.

 



 
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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%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln