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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


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