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Cotton and Textiles


Both mills and exporters showed interest in fresh buying due to continued slide in the rates, dealers said on the cotton market on Saturday. The official spot rate was lower by Rs 50 at Rs 5,500, they added. In the session, over 15,000 bales of cotton changed hands between Rs 5450 and Rs 5675, they said. In Sindh, rates dropped by Rs 50 to Rs 2500 and Rs 2600, in Punjab prices also lost 150 to Rs 2300 and Rs 2525, they said.

Garment merchants on Saturday blamed the rising cost of living for a "sharp drop" in clothing sales ahead of Eid-ul-Azha. The shop owners complained that the demand for clothes was weak although Eid-ul-Azha festival is fast approaching. According to shop owners, sales are nearly 50 per cent lower compared with Eid Al Fitr. They noted that the sales used to peak in the days before Eid, when families traditionally buy new clothes for their children.
The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) on Saturday observed that delay in Chinese President Xi Jinping's visit to Pakistan has halted the execution of Quaid-e-Azam Apparel Park which has been notified as Quaid-e-Azam Apparel Park Company by the Punjab government now.
ICE cotton hit the lowest since mid-August on Friday, after an industry website reported that Beijing may link a large amount of import quota to domestic cotton purchases, a move expected to crimp demand for foreign fibre in the world's top consumer. The benchmark December cotton contract on ICE Futures US dropped as low 63.70 cents a lb as volumes picked up before closing down 0.66 cent, or 1 percent, at 64.39 cents a lb.
Seed cotton prices fell sharply on the cotton market on Friday in the process of moderate trading, dealers said. The official spot rate was unchanged at Rs 5,550, they added. In the session, over 15,000 bales of cotton changed hands between Rs 5550 and 5700, they said. In Sindh, rates gave up overnight gains, losing Rs 150 to Rs 2550 and Rs 2650, in Punjab prices were down by Rs 100 to Rs 2450 and Rs 2550, they said.
The fluctuations observed during the day:

The country has failed to take full advantage of the Generalised System of Preferences (GSP) Plus status granted by the European Union (EU) as textile exports registered a decline for last several months of the current calendar year, official sources revealed. Textile exports to the EU were expected to surge by up to $1billion a year after securing the GSP+ status, effective from January 1, 2014, however the textile sector remained stagnant and witnessed a decline during the last several months of the current year.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln