KARACHI: The local cotton market on Friday remained stable and trading volume remained low. Market sources told that trading activity started in the local cotton market but trading activity will fully resume from Monday.
Cotton Analyst Naseem Usman told Business Recorder the rate of cotton in Sindh is in between Rs 12500 Rs 12800 per maund. The rate of cotton in Punjab is in between Rs 13200 to Rs 13500 per maund.
The rate of new crop of Phutti in Sindh was in between Rs 4700 to Rs 5400 per 40 kg. The rate of Phutti in Punjab is in between Rs 5200 to Rs 5700 per 40 kg. The rate of Banola in Sindh is in between Rs 1500 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 1900 per maund. The rate of cotton in Balochistan is Rs 12900-13000 per maund. The rate of Phutti in Balochistan is in between Rs 5200 to RS 5700 per maund.
Pakistan Cotton Ginners Association has appealed to the Prime Minister of Pakistan to establish autonomous cotton control board which should be directly supervised by Prime Minister of Pakistan in order to achieve the target of production of 20 million cotton bales and in order to save ginning industry from closure.
They also demanded that zoning of cotton crop must be implemented in letter and spirit. Government should also ensure availability of certified, germinated heat and disease resistant seeds.
Pakistan's textile and clothing exports grew by 22.94 per cent in the current financial year compared to the same period a year ago, shows data released by the Pakistan Bureau of Statistics. Pakistan's total textile and clothing exports during 2020-21 grew to $15.4 billion against $12.526 billion of the previous year. As per media reports growth is attributed to an increase in overall exports from the sectors. One reason for growth in these sectors is because of low-base of last year when export-oriented industries remained closed due to the COVID-19 lockdown and cancellation of orders from international buyers.
RMG exports increased by18.83 per cent to $3.032 billion in FY21 against $2.552 billion over the corresponding months of previous year. Exports of knitwear increased 36.57 per cent to $3.816 billion against $2.794 billion over the corresponding months of last year. Exports of bedwear rose by 28.87 per cent to $2.771bn this year against $2.150 billion of the last year. Growth of 31.81 per cent was seen in export of towels to $937.536 million in FY21 against $711.265 million of the last year. Leather garment exports rose by 14.02 per cent while exports of raw leather declined by over 12.04 per cent.
The cotton cloth export posted a growth of 4.98pc in FY21 to $1.921bn, while the export of cotton yarn went up by 3.26pc to $1.016bn on a year on year basis. Export of raw cotton declined by 95.27 per cent this year over the last year.
Meanwhile, at the 6th meeting of the Uzbek-Pakistani Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) in Tashkent, All Pakistan Textile Mills Association (APTMA) signed a memorandum of understanding with the Governor of Bukhara, Uzbekistan to build a textile complex in the state. Spanning 30,000 hectares, the complex will reserve a vast space for cultivating cotton. It will also house spinning, weaving, processing and garment units built at a cost of $100 million.
Gohar Ijaz Ijaz, Leader, APTMA hopes, Pakistan's cotton exports would reach $18 billion by next year. The country recently agreed to finalize a preferential trade agreement (PTA) with Uzbekistan within three months to boost bilateral trade volume. The meeting was co-chaired by Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade, Uzbekistan and Abdul Razak Dawood, Commerce Adviser, Pakistan.
Bangladesh is set to re-impose the 'strict lockdown' from 6 am on Friday, 23 July, after a 8 day relaxation given from 15 July to 22 July in view of the festival of Eid-Ul-Azha.
State Minister for Public Administration Farhad Hossain told media on Thursday that this time the lockdown will be stricter than before.
Police, Border Guard Bangladesh (BGB) and military will be deployed in the country for the enforcement of the restrictions, said the Minister.
The government has decided to close all offices and factories, including the exported oriented industries and Ready Made Garment Factories (RMG) this time unlike the last lockdown when factories and RMG industries were allowed to operate.
Public Transport including road, railways, waterways and the domestic flights will remain suspended during this period. However, cargo operations and emergency services like hospitals and medical work will not be covered under the restrictions. Kitchen markets and shops for daily items will open from 9 am to 3 pm with health guidelines in place.
People will not be allowed to move out of homes except in case of emergencies and purchase of essentials. Meanwhile, the sample positivity rate in the country climbed above 32 percent on Thursday which is almost the same as the highest level reported on August 3 last year. The Directorate General of Health Services reported 187 deaths and 3697 new cases of corona infection on Thursday.
Cotton Cooperation of India has increased the prices by Rs 500 per candy. The Spot Rate remained unchanged at Rs 12700 per maund. The Polyester Fiber was available at Rs 213 per kg.
Copyright Business Recorder, 2021
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