production can be raised up to 15 million bales if the Cotton
Control Act is properly implemented, said Haji Muhammad Akram,
Chairman of Pakistan Cotton Ginners Association (PCGA). He
said at present cotton production would be around 11.5 to 12
million bales this year with production in Punjab expected to
rise and that in Sindh likely to fall.
2. 2About 100
closed mills are expected to reopen in Punjab due to the
promised Rs.44 billion subsidy for exporters according to the
Minister for Finance, Revenue and Economic Affairs, Asad Umar.
The subsidy will be derived from a regulatory hike in gas prices
which has raised the price by 40% from Rs.600 per million
British thermal unit (mmBtu) to Rs.780 mmBtu for commercial
3. The All
Pakistan Textile Mills Association (APTMA) said due to high
operating costs and inadequate supply of raw cotton, around 140
textile mills have shut shop, rendering a million jobless.
Around 80 more mills are on the verge of closure, which will add
another 0.5 million to the unemployment statistics.
Parliament has passed free market access to 20 tariff lines,
originating in Pakistan, under the preferential trade agreement
(PTA) between the two nations. The tariff lines that will entail
zero-duty with immediate effect include some types of yarn,
woven fabric, t-shirts, vests, singlets, trousers, shorts, bed
linen, terry towels, etc.
5. Despite a
slight dip in overall textile exports, the knitwear garment
sector has maintained a steady pace of growth in its shipments
and led the sector with an increase of 16.13% in its exports for
October 2018. Pakistan’s overall textile exports were recorded
at $1.13 billion in October, down 0.12% compared with $1.132
billion in the same month last year.
6. The world’s
biggest cloth retailer Inditex Group, which owns Zara has
decided to double its imports from Pakistan and opened an office
in the country.
7. Executives of
Uniqlo, a subsidiary of Fast Retailing Inc, recently visited
Pakistan and met representatives of five companies from Karachi,
Faisalabad and Lahore. Three companies have been shortlisted for
joint ventures, primarily related to circular cutting, shirt
fabric and sewing.