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Mintex sleeps over 40,000 tons of yarn exports piled at ports
Jun '10
Ministry of Textile Industry is sleeping over the 40,000 tons of yarn that are piled that the Karachi and other ports of the country, resulting in to losses of millions of dollars to the national exchequer.

In order to solve the burning issue of restrictive regime that was imposed on yarn exports, Prime Minister, Yousuf Raza Gilani had interfered and had held meetings with the management of the spinning industry, along with the Federal Finance Minister, Deputy Chairman Planning Commission and the Textile Ministry.

Stakeholders had held long discussions in Karachi for two continuous days before reaching a harmonious formula, which permitted yarn exports against valid Letters of Credit (LCs) opened before May 12, 2010; yarn of value above $3.5 per kg and exports under DTRE and production bond will be excluded from the ceiling limit.

However, on the contrary, one-sided controversial quantitative ban was levied by the Ministry of Textile Industry with conditions of the constitution of the committee to pore over such LCs.

But a month has passed since the imposition of regulatory duty on May 13, 2010 and since June 4, 2010, no such committee have been formed to clear off the stranded and piled yarn stocks at the country's ports. This has lead to loss of million of dollars and the country is also losing its image as a reliable textile supplier in the global market.

In contrast to Pakistan's textile industry passing through a depressing situation, the global textile industry is booming, further leading to a negative effect on both the spinning industry and the entire value-added chain.

Currently, global buyers have already lodged complaints with their respective governments or embassies for untimely delays in clearing their booked shipments and have asked for urgent shipment of their consignments as mentioned under the contracts signed with Pakistani textile suppliers.

Fibre2Fashion News Desk - India

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