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The sudden rise in demand in the intentional market increased the US cotton price by 12-15 cents per pound within fifteen days. AFP/File
KARACHI: Massive fall in cotton production pushed spot rates to an 11-year high of Rs11,700 per maund in the domestic market, the Karachi Cotton Association said on Wednesday.
The sudden rise in demand in the intentional market increased the US cotton price by 12-15 cents per pound within fifteen days.
Brokers said cotton from Balochistan as well as bales imported from Afghanistan are being sold at Rs13,000 per maund.
Over the last ten years, the cotton crop has seen a sharp decline in production, yield and area of cultivation.
Textile bodies join hands across Asia
Collaboration aimed at better purchasing practices in textile, garment industry
PHOTO: AFP
Major textile exporters of Pakistan have formed an association with their counterparts from other Asian nations in an effort to remove the obstacles hindering swift export of textile.
“Asian producer associations are joining forces for better purchasing practices in the textile and garment industry,” said a statement issued by the Sustainable Textile of Asian Region (STAR) Network, the first intra-Asian network of producer associations of textile and garment industry.
Pakistan Hosiery Manufacturers and Exporters Association (PHMA), Pakistan Towel Manufacturers Association (PTMA) and Pakistan Textile Exporters Association (PTEA) are collaborating with textile exporters from Bangladesh, Cambodia, China, Myanmar and Vietnam.
Pakistan’s textile industry expects the Economic Coordination Committee (ECC) to approve the new five-year textile policy, the country’s third, carrying unprecedented cash and energy price subsidies to increase the country’s textile and clothing exports to $20.8 billion in five years, this week.
The approval of the policy was delayed for a week because the finance ministry wanted the Federal Board of Revenue (FBR) to examine the revenue implications of the suggested incentives including unprecedented cash and energy price subsidy and restoration of the zero-rated status of the exporters.
According to the published reports, the textile policy 2025 pledges interventions totalling more than Rs950bn or almost $6bn, including cash subsidy of Rs400bn and energy price subsidies of Rs350bn over five years to boost the textile and clothing exports.