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Pakistani cotton yarn remains a major export during FY 2013-14

Pakistani cotton yarn remains a major export during FY 2013-14

Of the four sectors, with a turnover of over $1 billion during the first half of current fiscal year, cotton yarn exports have crossed one billion dollar mark during the period. Despite some decline in overall exports of cotton yarn, it still is one of the chief exports of the country.

Sources said that despite stiff competition in the world markets, Pakistani cotton yarn has relatively shown progress. China is one of the world’s largest buyers of cotton yarn. Presently, there is some slowdown in the Chinese market, which resulted in a slight decline in the export of the commodity during the first half, however Pakistan’s cotton yarn exports are likely to increase in coming years, they added.

According to official statistics, Pakistan exported cotton yarn worth $ 1.072 billion during the first half of FY 2013-14 as compared to $ 1.1 billion in the corresponding period of last fiscal year, depicting a slight decline of $34 million or 3 percent.

“China is the major buyer of Pakistan’s cotton yarn and approximately some 80-95 percent of the commodity is being supplied to neighbouring country,” said Yasin Siddik, Chairman All Pakistan Textile Mills Association (APTMA). He said India is our major competitor and one of the leading exporting countries of cotton yarn as it gets government subsidy. Presently, India has adopted an aggressive marketing strategy to capture the world market, he added.

“For the last few years, we are insisting on a level playing field that could help cotton yarn exporters to compete in the global market,” the chairman said. High cost of doing business followed by rising power rates, labour wages, and gas crisis are the major reasons for slow growth, he added. However, he said, it is good that the overall textile exports are gradually increasing while posting an increase of 8 per cent in the first half of this fiscal year. He urged the government to support the textile sector particularly textile mills and remove hurdles such as sales tax and higher power tariff.