Home / Knowledge / News / Textiles / Textile sector likely to bear loss of Rs 30 billion monthly
Textile sector likely to bear loss of Rs 30 billion monthly
04
Jun '10
According to All Pakistan Textile Mills Association (APTMA) and Pakistan Yarn Merchants Association (PYMA), the NA Standing Committee on Textile's decision, on imposition of three month's restriction on piling yarn and raw cotton stocks, will adversely affect these important sectors of the economy.

According to Saleem Shahzad, Chairman APTMA-South Zone, owing to this restriction, an approximate loss of Rs 30 billion per month will have to be borne by the textile and spinning mills, as raw cotton is also exchanged amidst members to support the value-added sector.

He further added that, piling yarn and raw cotton stocks is important for the textile and spinning sectors, as in this manner they are able to save billions of rupees from price fluctuation, maintain quality and are also able to provide on time delivery for local orders and exports.

Due to phutti (cottonseed) supply to the ginning sector, fine quality lint is unavailable throughout the year. Therefore raw materials and cotton bales have to be piled for easy availability of both, when in demand, which helps save time and money, informed Shahzad.

Currently, the textile industry is facing loss of billion of rupees, in the form of export order cancellations, due imposition of 15 percent regulatory duty on exports of cotton yarn. In order to make yarn available to the downstream textile sectors, the Cabinet Committee on Textile had levied the 15 percent regulatory duty imposition on yarn exports till July 12, 2010.

Senior PYMA member, Shakeel Ahmad said that, Textile Minister, Rana Farooq Ahmad and other economic managers were taking decision without consulting the stake holders of the textile industry and its various sectors. He further added that, prior to the restriction on cotton yarn exports; PYMA's export share to the overall textile sector was about 75 percent.

Ahmad concluded by saying that, due to regulatory duty imposition on exports, about 300 containers of yarn and apparels to USA, Far Eastern nations, Vietnam, Europe, China and Hong Kong are wedged at the ports.

Fibre2Fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X