During a round table conference, members of the Pakistan Denim Manufacturers and Exporters Association recommended a refund of three to five percent, to be offered on purchase of yarn from local suppliers.
In the conference, Mirza Ikhtiar Baig, Federal Advisor, Ministry of Textile informed that, the government would review quota of 35,000 tonnes on yarn exports in a bid to salvage the high-end textile sectors.
In the international market, cotton prices showed 22 percent growth, while in Pakistan these prices increased by 70 percent on account of lower supply. Also, yarn prices shot up by 75 percent in the country.
Similar to the duty-free import of cotton yarn, Baig has also suggested duty-free import of polyester yarn. He also added that, the textile sector should not be compelled to pay the cross subsidy for fertilizer sector.
Fibre2fashion News Desk - India