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Cotton and Textiles: Pakistan

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Prices recovered overnight losses on the cotton market on Friday following the fresh increase in the NY cotton futures, dealers said. The official spot rate gained Rs 50 to Rs 5300, dealers said. Approximately, 3,000 bales of cotton changed hands between Rs 4000 and Rs 5500, they said. The prices of seed cotton in Sindh were at Rs 1900 and Rs 2500 and in Punjab rates were at Rs 2200 and Rs 3000, they said.

Official spot rates dropped modestly on profit-taking on the cotton market on Thursday, dealers said. The official spot rate was down by Rs 50 to Rs 5250, dealers said. Approximately, 2,000 bales of cotton changed hands between Rs 4700 and Rs 5450, they said.
Dwindling of ready cotton stocks from the current season (August 2014 /July 2015) and delayed sowing of the new cotton crop (2015 / 2016) have pushed up the prices of lint. Though global cotton prices are portraying dullness as in the United States and China, Indian lint prices remain high as the Cotton Corporation of India (CCI) has suspended sale of cotton. In Pakistan, only about 200,000 bales from the current crop may remain unsold by the 1st of May, 2015.
Chairman All Pakistan Textile Mills Association (APTMA) S. M. Tanveer has said that Pakistan Textile industry is on the verge of collapse and needs a special relief package from the government on urgent basis to secure billions of dollars investment and create millions of jobs for people.
Pakistan Mercantile Exchange (PMEX) has re-launched International Cotton (ICotton) contract which is duly approved by Securities & Exchange Commission of Pakistan (SECP). The contract aims to offer opportunities to the entire value chain of the textiles sector to hedge the risk of price variation of their basic raw material, cotton.
Modest trading was seen on the cotton market on Wednesday as leading ginners showed no interest in making fresh deals due to shortage of lint cotton, dealers said. The official spot rate was unchanged at Rs 5300, dealers said. Approximately, 3,000 bales of cotton changed hands between Rs 4300 and Rs 5500, they said.
Commerce Minister, Engineer Khurram Dastgir Khan has conveyed Pakistan''s concerns to Iran with respect to arbitrary and unilateral import bans, high textile tariffs, and import authorisation system. Khurram Dastgir is in Tehran to attend seventh meeting of Pak-Iran Joint Trade Committee in Tehran.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln