An immediate ban on yarn exports has been demanded, before the arrival of next crop in the market, by Bilal Mulla, former Chairman of Pakistan Readymade Garments Manufacturers & Exporters Association.
He further said that, most of the countries of the world enjoy rights to stop raw material exports to safeguard their domestic industry, thereby, increasing foreign exchange with the overseas sales of value-added goods.
For instance, India just recently imposed a ban on cotton and yarn shipments; also Bangladesh has stopped exporting raw jute. Pakistan is currently receiving $2 per kg on yarn exports, but it can bring in $14 per kg by exporting value-added garments produced from the same amount of yarn.
Mulla further added that, the Ministry of Textile should take immediate decision in this regard, if it aims to reach an export target of $25 billion by 2014 and wishes to provide direct and indirect employment to millions of workers.