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Low prices of yarn attract droves of overseas buyers
02
Nov '09
The price of cotton and yarn prevailing in the domestic markets was much lower than those prevailing in the international markets, which was creating a demand for both the commodities, said so, a member of the Pakistan Yarn Merchants Association (PYMA).

According to Mr Ghulam Rabbani, PYMA member, price of export landing price of yarn in Bangladesh and other countries was lower the domestic price prevailing in Pakistan and the price difference was as much as 6-7 percent, between domestic and other overseas markets.

This difference he said was creating a demand for Pakistan produced yarn in the overseas markets. Giving an example, he said, the current price of equivalent variety of cotton in New York markets was Rs 132 per kg and in Pakistan it was just Rs 122 per kg (after adjusting for yield).

With such inherent differences, it would be remunerative to export raw cotton and yarn. He said the government should not bow down to pressures from various segments of the textile sector, to ban shipments of raw cotton and yarn in the interest of both the sub-segments.

This difference in prices is attracting overseas buyers, particularly Chinese buyers. As per statistical data, exports of raw cotton and cotton yarn rose by 23 percent and 31 percent respectively by volume in first quarter of the current fiscal year.

Fibre2fashion News Desk - India

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