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Cotton and Textiles


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.

Continued fall in rates, propelled mills to make more deals ahead of Eid-ul-Fitr holidays, dealers said on the cotton market on Wednesday. The official spot rate was down by Rs 100 to Rs 5800, they added. The prices of seed cotton in Sindh and Punjab dropped by Rs 200 to Rs 2900-3000, they said. In the ready session, over 9000 bales of cotton changed hands between Rs 5875-5950, they said.
Cotton futures rose slightly on Tuesday as mills continued to buy small parcels of fibre, even as technical selling pushed prices off their intraday highs after the market pierced a key short-term resistance earlier in the day. Holding in recent ranges, the benchmark December cotton contract on ICE Futures US closed up 0.22 cent, or 0.33 percent, at 67.91 cents a lb on just under 11,000 lots traded on the day.
The fluctuations observed during the day:

Exports of textile group surged by 5.30 percent to $13.738 billion during July-June 2013-14 against $13.047 billion a year ago, data of Pakistan Bureau of Statistics showed. The details of trade figures revealed that textile exports dipped by 1.52 percent to $1.113 billion during June 2014 against $1.130 billion in the same period of last year.
Finance Minister Ishaq Dar has turned a deaf ear to the repeated request of textile ministry to convene a meeting of the cabinet committee on energy to seek a solution to their major problem, it is learnt. Textile exports witnessed a sharp decline of 7.5 percent during the month of June and registered $1.086 billion against $1.175 billion during the same period of last financial year mainly attributable to the severe energy crisis and the recent appreciation of the local currency against dollar, well-placed sources revealed to Business Recorder.
Over 80 top companies and brand names have so far registered themselves to represent Pakistan in the 2nd Made in Pakistan Exhibition being held in Mumbai (India) from August 31, to September 05, 2014. After the great success of the 1st Made in Pakistan Expo in Mumbai in April 2014, Pakistan Readymade Garments Manufacturer and Exporters Association (PRGMEA) with the support of Association of Indian Industries are organising the 2nd Made in Pakistan Expo in Mumbai titled "Festival of Friendship" at World Trade Centre, Mumbai.


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