Textile Briefs National


1. The exports of home textiles to European Union (EU) surged 60% in 2016 as compared to 2013, said Minister for Commerce and Textile Pervaiz Malik. He said that exports of cotton and other raw materials for the value-added textile sector to EU grew around 9% in 2016 as compared to 2013.

2. Cotton cultivation during the current sowing season has increased by 18% across the crop growing areas of Pakistan as compared to the sowing during the corresponding period last year. The government has fixed a target to cultivate cotton over 3.11 million hectares during the crop season 2017-18.

3. The Standing Committee on textile industry has asked the Federal Board of Revenue for release of sales tax refund at the earliest. Pakistan textile industry is facing financial crisis due to delay in release of tax refund of around Rs 300 billion.

4. The State Bank of Pakistan (SBP) reported a decline in exports from $21.9 billion in fiscal year 2015-16 (FY16) to $21.6 billion in FY17. Raw cotton, cotton yarn and cotton cloth registered a decline in exports, there was an increase in shipments of knitwear, bed wear and readymade garments.

5. Islamabad Chamber of Small Traders (IST) lauded the decision of the government to provide Rs15 billion to the textile sector under the PM’s package. Textile sector is the mainstay of the economy which must be supported and the decision will infuse confidence in this sector which continues to lose the competitive edge in the international market.

6. The share of Pakistan’s textile industry in domestic commerce has surpassed the sector’s export figures, according to data compiled by the All Pakistan Textile Mills Association (Aptma). Textile sales in the local market currently stand at $13.7 billion out of the combined local and foreign sales of $26 billion. Textile exports for the year 2016-17 stood at $12.3 billion.

7. The State Bank of Pakistan (SBP) reported a decline in exports from $21.9 billion in fiscal year 2015-16 (FY16) to $21.6 billion in FY17. Raw cotton, cotton yarn and cotton cloth registered a decline in exports. An increase in shipments of knitwear, bed wear and readymade garments is also reported.

8. The value-added textile sectors have urged the government to withdraw the 4% duty drawback on taxes given on yarn exports. This incentive directly benefits our competitors in the world market, for example,  China and Bangladesh are getting Pakistani yarn at much better cost than Pakistani exporters.

 

 
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