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Cotton and Textiles: Pakistan

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Prices were firm on the cotton market on Thursday in the process falling demand by millers and spinners, dealers said. The official spot rate was unchanged at Rs 6,400, they said. In the ready business, 1,500 bales of cotton changed hand between 6200-6550, dealers said.

Business remains slow on the cotton market though some inquiries emerge now and then. Power shortages in the country, particularly in the Punjab, sizeable coverage of cotton already made by the domestic mills till the arrival of the new season (August 2013 - July 2014) and hopes that some new crop cotton may trickle in the end of June or early July 2013 have tempered cotton purchases to any large degree.
Punjab Seed Council (PSC) has approved 5 Non-Bt Cotton and 4 new rice varieties for general cultivation in Punjab. The approval was granted in 43rd meeting of Punjab Seed Council chaired by Caretaker Minister for Agriculture, Punjab Qaisar Zulfaiqar Khan the other day.
Chairman All Pakistan Textile Mills Association (APTMA) Punjab Shahzad Ali Khan has suggested the upcoming PML-N government to immediately form 'energy committee' with large stakeholders as integral part of it in order to resolve energy issues of the country.
Spot rate was raised by Rs 100 by the Karachi Cotton Association (KCA) amid improved business activity on the cotton on Wednesday, dealers said. The official spot rate gained Rs 100 to Rs 6,400 in a single day rally, they said. In the ready business, business activity accelerated as over 6,000 bales of cotton changed hand between 5850-6575, dealers said.
The Karachi Cotton Association strongly opposed the introduction of International Cotton (Icotton) Futures Contract at Pakistan Mercantile Exchange Limited (PMEX) as the same decision has been taken by the government without adequate consultation with the stakeholders of the cotton economy ie the KCA, APTMA, PCGA, FAP and PCF.
Pakistan Ready-made Garments Manufacturers and Exporters Association (Prgmea) said on Wednesday that the PML-N government should make it a top priority for obtaining Generalised System of Preferences (GSP) Plus status for Pakistan to strengthen the country economically, besides improving foreign exchange.

 



 
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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyApril
Trade Balance $-1.779 bln
Exports $2.130 bln
Imports $3.909 bln
WeeklyMay 20, 2013
Reserves $11.601 bln