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Cotton and Textiles


The Economic Co-ordination Committee (ECC) neither discussed the matter of waiving 5 percent sales tax on oil cake nor asked the Trading Corporation of Pakistan (TCP) to purchase 20 million bales of all grades of cotton, nor impose the ban on the import of cotton lint or cotton-yarn as assured by Federal Finance Minister Ishaq Dar and Chairman of the Federal Board of Revenue in the first week of December.

Textile exports from the country surged by 13.02 percent in November 2014 as compared to the corresponding period of last year, according to the data released by Pakistan Bureau of Statistics.
The state-run grain trader completed the procurement of some 72,300 cotton bales to stabilise the price in the domestic market. Sources told Business Recorder on Saturday that arrival of cotton bales in the Trading Corporation of Pakistan godowns is gradually increasing at 10 centers and the quantity is likely to reach Karachi next week.
General trend in the cotton market was firm, following the rising demand by mills and spinners, dealers said on Saturday. The official spot rate was unchanged at Rs 4,750, they added. In the ready session, around 20,000 bales of cotton changed hands between Rs 3500-5000, they said. In Sindh, prices were unchanged at Rs 1600 and Rs 2300, in Punjab prices were inert at Rs 2100 and Rs 2600, they said.
Cotton production in China, the world's top consumer of the fibre, dropped 2.2 percent in 2014 from the year before, the government said on Wednesday. The National Bureau of Statistics said output fell to 6.16 million tonnes as the amount of land used to grow cotton shrank by nearly 3 percent.
Informa Economics forecast 2015 upland cotton acres in the United States at 9.38 million acres and total plantings of the fibre at 9.6 million acres, both down sharply from the prior year, according to the firm's Friday report seen by Reuters. The total cotton estimate was up from the group's prior projections, but down 13.1 percent from 2014, the report said.
Cotton futures edged higher on Friday in choppy, thin trade, pinned between short covering and producer selling near the key level of 61 cents a lb. The most-active March cotton contract on ICE Futures US closed up 0.07 cent, or 0.1 percent, at 60.89 cents a lb after trading higher for much of the day.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln