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LOW Source:
Pakistan Deaths
Pakistan Cases
0.98% positivity

KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Saturday increased the spot rate by Rs 200 per maund and closed it at Rs 16300 per maund.

The Spot Rate Committee of the Karachi Cotton Association on Saturday increased the spot rate by Rs 200 per maund and closed it at Rs 16300 per maund. The polyester fiber was available at Rs 247 per kg.

The local cotton market remained stable and trading volume remained low.

Cotton Analyst Naseem Usman told that the rate of cotton in Sindh remained between Rs 13000 to Rs 16,800 per maund and the rate of cotton in Punjab was registered at Rs 14,300 to Rs 16,700 per maund.

The rate of the new crop of Phutti in Sindh was remained between Rs 4500 to Rs 7,200 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 8,000 per 40 kg.

Similarly, prices of cotton in Balochistan were remained at Rs 13,800 to 16,400 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,200 to 8,000 per maund, said Naseem Usman.

The rate of Banola in Sindh was in between Rs 1350 to Rs 2,000 per maund. While in Punjab rates of Banola were in between Rs 1650 to Rs 2,200 per maund.

1200 bales of Saleh Pat were sold at Rs 15800 to Rs 16200 per maund, 1400 bales of Sadiqabad were sold at Rs 16500 to Rs 17000 per maund, 1600 bales of Khan Pur were sold at Rs 16500 to Rs 17000 per maund, 1200 bales of Rahim Yar Khan were sold at Rs 16500 to Rs 17000 per maund, 1000 bales of Chichawatni were sold at Rs 16600 per maund, 600 bales of Dharanwala were sold at Rs 16000 per maund, 1000 bales of Hasil Pur were sold at Rs 15900 per maund and 1000 bales of Fort Abbas were sold at Rs 15800 to RS 16000 per maund.

With textile exports, especially value-added, marking a significant growth in first four months of this fiscal year, industry officials on Thursday said a wave of new investment in the sector was on cards.

Officials said the sector invested $3-3.5 billion on modernisation and expansion in the last few years and the investment is likely to match $5 billion, witnessed during Musharraf era when the sector was undergoing major modernisation, balancing and replacement (BMR).

"The figures can be matched in next six to eight months provided the government provides the sector level-playing field", Zubair Motiwala, a leading textile industrialist told The News International.

Exports of various categories of value-added textile goods went up substantially in July-October period of this financial year compared to the corresponding period of previous year, as per latest figures released by Ministry of Commerce.

Exports of men's garments jumped by a massive 32 percent to $1.584 billion in the months under review compared to $1.201 billion in the same period last year.

Home textile exports grew 22 percent to $1.575 billion in July-October of 2021-22 against $1.294 billion in the same months a year ago.

Exports of cotton fabric increased 20 percent to $745 million in first four months of current fiscal compared to $622 million in the same months of last fiscal.

Likewise, exports of jerseys and cardigans soared 60 percent and women's garments increased 20 percent in the period under review compared to same months during the last fiscal.

Motiwala attributed the growth in value-added textile exports to global Covid lockdowns when India was closed and orders were diverted to Pakistan.

Similarly, buyers also moved to Pakistan after being dismayed by Bangladesh child labour issues.

"Buyers do not change their suppliers swiftly. Luckily, Pakistan captured these buyers in Covid times and it is very hard for them to again switch to new suppliers," said Motiwala.

He pointed out that export figures of value-added textile goods would have been much bigger if the shipping charges had not been raised massively in recent times.

"Textile sector only wants even-playing field from the government in the form of continuous supply of gas to the sector as disruption will pose serious threat to the sector, which is presently buoyant by registering the much-needed growth for the country."

He said more investment in the import of machinery for textile sector expansion and modernization would boost sector's prospects in terms of high growth in exports.

"We believe that $5 billion investment in Musharraf era would be matched in next six to eight months as the sector has invested $5 billion so far," Motiwala hoped.

Copyright Business Recorder, 2021

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