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LAHORE: The spot rate remained unchanged. The market remained steady on Monday and the trading volume remained low.

Cotton analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 8500. Cotton of Sindh was traded from Rs 15,500 to Rs 20,000 per maund; Punjab’s cotton was traded from Rs 16,500 to Rs 20,000 per maund.

He told that 200 bales of Yazman Mandi were sold at Rs 18,000 per maund and 200 bales of Fort Abbas were sold at Rs 19,200 per maund.

Seed cotton (Phutti) equivalent to over 7.3 million or exactly 7,384,040 bales have reached ginning factories across the country till January 15 registering increase of 34.42 percent as compared to corresponding period of last year.

According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) released on Tuesday, over 7.3 million or 7,384,040 bales have undergone the ginning process i.e. converted into bales. Cotton arrival in Punjab was recorded at over 3.8 million or 3,874,003 bales registering an increase of 15.07 % as compared to corresponding period of last year when arrival was recorded 3,366,549 bales. Sindh generated over 3.5 million or 3,510,037 bales registering an increase of 65.05 pc, compared to corresponding period of last year when arrival was recorded 2,126,589 bales.

Textile mills bought 7,126,495 bales. Exporters purchased 16,000 bales and Trading Corporation of Pakistan (TCP) didn’t buy during the cotton season 2021-22. Total 60 ginning factories were operational in the country. Exactly 241,545 cotton bales unsold stock was available in ginning factories.

Meanwhile, the country’s textile group exports declined by 6.47 percent on month-on-month basis and remained at $1.623 billion in December 2021 compared to $1.735 billion in November 2021, says the Pakistan Bureau of Statistics (PBS).

The exports and imports data released by the PBS revealed that the country’s overall exports in December 2021 were $2.765 billion (provisional) as compared to $2.901 billion in November 2021 showing a decrease of 4.69 percent on month-on-month basis.

The country’s textile group exports witnessed 26.05 percent growth during the first half (July-December) of the current fiscal year and remained $9.38 billion compared to $7.44 billion during the same period of the last fiscal year.

Textile group exports on month-on-month basis witnessed 6.47 percent decline and remained $1.623 billion in December 2021 compared to $1.735 billion in November 2021.

On year-on-year basis, textile group exports witnessed 15.89 percent growth in December 2021, when compared to $1.4 billion in December 2020.

Cotton yarn exports registered a growth of 52.33 percent during July-December 2021 and remained at $610.427 million compared to $400.733 million during the same period of last year and increased by 10.76 percent in December 2021 and remained $106.529 million when compared to $96.18 million during the same month of last year.

Raw cotton exporters witnessed 197.3 percent growth in the first half of current fiscal year and remained $1.763 million compared to $0.593 million during the same period of last fiscal year. Raw cotton exports witnessed 100 percent increase on month-on-month basis and 2428 percent on year-on-year basis as it remained $1.76 million in December 2021 compared to zero in November.

Petroleum group imports witnessed an increase of 113.39 percent growth as it reached $10.18 billion in July-December 2021 compared to $4.77 billion during the same period of the last fiscal year and registered 17.44 percent negative growth in December 2021 and remained $1.8 billion when compared to $2.18 billion in November 2021, however registered 118.45 percent growth on year on year basis in December when compared to $824 million during the same month of last year.

Construction and mining machinery imports have witnessed growth of 75.42 percent during the July-December and remained at $95.243 million compared to $54.295 million during July-December 2021.

The construction and mining machinery registered 285.9 percent growth on year-on-year basis and remained $26.685 million in December 2021 compared to $6.915 million in December 2020; however, it registered 47.51 percent growth on month-on-month basis when compared to $18 million in November 2021.

The country’s exports during July-December, 2021 totaled $15.127 billion (provisional) against $12.110 billion during the corresponding period of last year showing an increase of 24.91 percent.

Moreover, Pakistan Hosiery Manufacturers & Exporters Association (PHMA) central chairman Shahzad Azam Khan has asked the government to announce an immediate ban on cotton yarn export or at least fix a quota to limit its unabated exports, as the shortage of yarn continued to persist. In a press statement issued here on Monday, he also demanded the elimination of all types of duties and taxes on import of industry’s raw material which is not being manufactured locally.

“The government can restrict the yarn exports from the country by fixing a quota as was announced in 2010 under SRO 119(I) to control the shortage if it is unable to put a complete ban on exports,” he suggested. He warned that the textile industry will be forced to close down if the government failed to resolve our issues on a top priority basis, besides, rendering millions of workers jobless.

Shahzad Azam Khan appreciated the government for clearing hundreds of billions refunds of the last eleven years but insisted the government to also ensure availability of raw material at reasonable rates to further improve exports to avoid further taxes through mini-budget under the pressure of the IMF.

The Bangladesh government has set an $80 billion export target for the fiscal year 2024. The Cabinet Committee on Economic Affairs approved the draft of “Export Policy 2021-2024” on Wednesday (12 January), setting the $80 billion export target for FY2024. Export target for the fiscal year 2021 was $60 billion.

“All exporters will get uniformed facilities. Besides we will provide policy supports regarding challenges over 4IR,” Finance Minister AHM Mustafa Kamal said in the virtual meeting of the committee.

He also said, “The government will emphasize on recycling, research and development.”

Regarding Planning Minister MA Mannan’s concern that Bangladesh might fall in the middle-income trap, the finance minister said, “Bangladesh will never fall in middle-income trap as own resources and funds are being used in the country’s developments. Foreign investments in Bangladesh are very low, whereas Vietnam’s economy depends on foreign investments. They can’t be compared with Bangladesh,” he added.

Bangladesh recorded its highest ever single-month export earnings amounting to $4.91 billion in December last year, thanks to a strong rebound in demand for apparel in western markets even amid the Omicron spread.

The export receipts surpassed the $3.91 billion target set for the month, registering more than 48% year-on-year growth, according to provisional data of the Export Promotion Bureau (EPB).

The Spot Rate remained unchanged at Rs 19,000 per maund. Polyester Fiber was available at Rs 260 per kg.

Copyright Business Recorder, 2022

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