Yarn shortage pushing industries towards closure
Textile exporters say exports have dropped drastically , warn of massive layoffs
KARACHI:
Textile exporters have lamented that the aggravating cotton yarn crisis due to its shortage has caused a drastic decline in exports, pushing industries on the verge of closure and sparking fears of layoffs of millions of workers.
At a joint press conference of various textile associations, Pakistan Apparel Forum Chairman Jawed Bilwani said, “The government has closed its eyes on the hoarding of cotton yarn and cartelisation, which can be dealt with as per law under the Price Control and Prevention of Profiteering and Hoarding Act 1977 and Competition Act of Pakistan 2010.”
PRGMEA Asks Prime Minister For a Forensic Audit of Yarn Producers propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
Pakistan’s readymade garments industry has called upon Prime Minister Imran Khan to order a forensic audit of yarn producers to break their cartel. AFP/File
LAHORE: Pakistan’s readymade garments industry has called upon Prime Minister Imran Khan to order a forensic audit of yarn producers to break their cartel in line with the actions taken by his administration against the sugar cartel.
In a letter addressed to the prime minister, the Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) pointed out that the yarn producers have increased the rates of yarn by more than 40 per cent despite declining prices of cotton in the international market, hitting the apparel sector exports.
PRGMEA seeks forensic audit of cotton dealers
Business
April 9, 2021
LAHORE: The readymade garments sector has requested the government to put a check on the yarn and cotton cartel, as it was affecting the export orders fetched by Pakistan, and to allow duty free import of the commodity for at least six months to keep manufacturers competitive in the market.
In a letter written to Prime Minister Imran Khan on Thursday, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) alleged that a cotton and yarn cartel was affecting the exports of the value-added and readymade garments sector.
The letter urged to launch a forensic audit of yarn producers in line with the actions taken by the PTI government against the sugar lobby, as the “cotton mafia so far proved to be larger than the sugar mafia in the country”.
Textile exporters urge govt to break cotton cartel tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.