KARACHI: Cotton price saw an increase of Rs 2,500 per maund. Spot rate increased by Rs 1800 per maund. Acting Federal Commerce and Industry Minister Gohar Ijaz said efforts were being made to revive industries and the textile sector.
The government has assured textile exporters that a refund of Rs 35 billion will be given by September 4 and the closed industries will also be restored within a month.
Pakistan Textile Exporters Association Chief Patron Khurram Mukhtar described the month of September as the most difficult for the textile industry. Separately, the risk of attack by pink ball worm on cotton crop has increased.
Currently, the production of the crop is 30 lakh bales, which is almost 100% more than the cotton production till August 31 last year.
In the local cotton market, cotton prices continued to rise during the last week. Textile spinners are buying cotton, especially because of the extremely high dollar rate, while ginners are buying high rates, especially because of the very short ginning out turn (GOT) due to the relatively low supply of cotton and the continued rise in cotton prices. Are demanding.
The month of September is considered to be the most dangerous month for the cotton crop. The current production of the crop is 30 lakh bales, which is almost 100% more than the cotton production of last August 31.
However, Federal Commerce and Industry Minister Gauhar Ijaz has started efforts to increase the country's exports. If the strategy developed by them is implemented, the country's exports may start increasing and especially the textile sector may become stronger.
The price of cotton in Sindh province is between Rs 20,500 and Rs 20,500. Rs 21,500 per maund with an increase of Rs 2,000 per maund while the rate of footi is between Rs 9,000 to Rs 10,500 after an increase of Rs 1,000 per 40 kg. Cotton prices in Punjab range between Rs 21,500 to Rs 22,000 per maund while cotton prices range between Rs 9,000 to Rs 10,500 per 40 kg.
The price of cotton in Balochistan ranges from Rs 20,800 to Rs 21,000 per head and cottonseeds from Rs 9,300 to Rs 11,000 per 40 kg. An increasing trend was also seen in the rates of flour, cottonseed and oil. The spot rate committee of the Karachi Cotton Association raised the spot rate by Rs 1,800 per head and closed it at Rs 21,000 per head.
According to the USDA's weekly export and sales report, the sales for the year 2023-24 stood at 61,400 bales. Costa Rica topped the list by purchasing 23,400 bales. Bangladesh came second by purchasing 10,000 bales. Vietnam bought 7,300 bales and ranked third. Indonesia bought 6,700 bales and ranked fourth. Pakistan bought 6,300 bales and stood fifth. 11,000 bales were sold for the year 2024-25, which was bought by Pakistan.
However, the federal government has assured to activate dormant industries within a month, continue industrial assistance package and refund Rs 35 billion to export industries by September 4 and achieve the target of $25 billion exports.
He also said that the meeting with the acting federal ministers is very encouraging. He expressed hope that through his efforts the industry would stand on its feet again. He further said that exporters will make every possible effort to achieve the export target of 25 billion dollars.
Meanwhile, Acting Federal Minister for Commerce and Industry and Production Dr Gauhar Ijaz on Wednesday set an ambitious target of $25 billion in textile exports for the current financial year as against the target of $16 billion last financial year.
The minister also promised rapid revival of all closed industries with a limited time frame of only one month. During a meeting called with Pakistan Textile Exporters Association led by Khurram Mukhtiar, Gohar outlined his vision. The minister assured that every industry currently closed due to various reasons will reopen by September 30.
Comparing this year's estimated export figures to last year's $16 billion, he expressed confidence of surpassing this milestone. He stressed that all challenges hampering their operations will be addressed in a systematic manner.
Furthermore, he extended an open invitation to associations and businessmen, ensuring his availability to collaborate and find solutions to their problems.
Reiterating his commitment to promote a thriving business environment, the Minister assured that challenges related to gas, power, energy and wealth distribution will be resolved efficiently.
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