Karachi: The production of cotton was 14 lakh thirty thousand bales. Last week, the rate of cotton remained stable and the business was also satisfactory.
Although the quality of cotton was affected by the rains, the crop remained safe. However, there is a complaint of pest attack on the standing crop. Pakistan's Towel Manufacturers Association Ali has expressed serious concern over billions of rupees stuck with FBR, which is causing huge problems for exporters.
Cotton prices showed a mixed trend in the local cotton market last week. The price of cotton in the market was fixed according to the quality, as cotton has been affected due to rain. The rate of cotton varied from Rs 400 to Rs 500 per head according to the quality.
Individual industrialists, especially those associated with the textile sector, have strongly opposed the exorbitant increase in electricity tariffs, terming the move as disastrous for trade and industry.
It is being indicated that further increase in the price of gas will lead to closure of more industries, due to which other industries especially the textile industry will have to face serious difficulties. This will also have a negative impact on the rate of cotton.
The rate of cotton in Sindh ranged between Rs 17,400 to Rs 17,800 per head depending on the quality. The rate of foot was between Rs 6800 to 7800 per 40 kg. In Punjab, cotton rates ranged from Rs 17,900 to Rs 18,400 per head and cottonseeds ranged from Rs 7,000 to Rs 8,500 per 40 kg. Cotton rates in Balochistan ranged between Rs 17,600 and Rs 17,800 per head, while futi rates ranged between Rs 7,000 and Rs 8,000 per 40 kg. The prices of cottonseed, khal and oil remained stable.
The spot rate committee of the Karachi Cotton Association kept the cotton rate unchanged at Rs 17,935 per head.
Naseem Usman, President of Karachi Cotton Brokers Forum, has said that the rate of cotton in the international cotton markets has remained stable. A slight increase was seen in the futures trading rate of New York cotton.
As per the USDA's weekly export and sales report, the sales for the year 2022-23 stood at 9,900 bales. Japan topped the list by purchasing 1100 bales. Honduras came second with 500 bales. Vietnam was third with 400 bales. 33,900 bales were sold for the year 2023-24. China topped the list by buying 18,300 bales. Mexico came second by buying 17,200 bales. Turkey bought 9,600 bales and ranked third.
Seed cotton equivalent to more than 1.4 million (1,428,638) bales has reached ginning factories across Pakistan by August 1, 2023, with Sindh recording a major contribution of over one million bales, the initial picking and its Sanghar district alone attracts more than half. Total arrivals till date.
According to a fortnightly report by the Pakistan Cotton Ginners' Association (PCGA) released to the media, ginning factories in Punjab recorded 388,568 bales of cotton arrivals, while ginneries in Sindh registered over one million (1,040,070) bales, Which includes 721,149 bales in Sanghar district alone. , In Balochistan, arrivals were recorded at 41,100 bales.
Out of the total arrivals, seed cotton converted in bales was recorded at 1.3 million (1,327,847) bales, including 955,278 bales in Sindh and 372,569 bales in Punjab.
Cotton arrivals at ginning factories have been affected in the last fortnight due to monsoon and Ashura holidays. It is expected that the arrival of cotton will increase in the coming days.
He further added that often exporters face various issues in filing their monthly sales tax returns and they face unnecessary delays in filing their monthly returns, also, the claim amount of exporters is deferred by the system. Are being given. This is causing trouble for exporters as billions of rupees are already stranded with FBRs of five zero-rated sectors. This dire situation is one of the main reasons for the decline in our exports.
Exporters from this country are not interested in paying sales tax to Pakistan government and then begging for refund, which is exporter's own money. For refund of GST amount, they are wasting their own resources, lots of paperwork, heavy investment on equipment etc. Their money stuck for several months creates a financial crisis and they are paying high interest rates to banks for borrowing.
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