LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Monday increased the spot rate by Rs 200 per maund and closed it at Rs 19900 per maund.
The local cotton market on remained steady and the trading volume remained low. Cotton Analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 7000 to Rs 8600. Cotton of Sindh was traded from Rs 15500 to Rs 20,000 per maund, Punjab’s cotton was traded from Rs 16500 to Rs 20,000 per maund. He told that 1200 bales of Rahim Yar Khan were sold at Rs 19500 per maund. He also told that 1200 bales of Lodhran were sold at Rs 20,000 per maund.
Ready-made garments during the first six months of fiscal year of 2021-22 grew by 22.93 % as compared to exports of the commodity during the corresponding period of last year.
During the period from July-Dec 2021, Readymade garments worth US$1,831,856 exported, as compared to exports of $1,490,157 during the same period of last year.
According to the data released by the Pakistan Bureau of Statistics, the exports of Bed wear increased by 19.04 %, of US $1,659,646 as compared to the exports of US $1,394,182 of the same period of last year.
Meanwhile, Knitwear exports also increased by 35.21 percent as the exports during current fiscal year recorded worth US$2,500,461 as compared to the exports during the same period of last year which recorded US$1,849,596.
During the period under review, Towels exports increased by 17.54 %, worth US$ 523,868 in current fiscal year, as compared to the exports of valuing US$ 445,697 of the same period of last year
Textile exports in Pakistan are on the rise – 26 percent increase to $9.4 billion in the 1HFY22. The growth in exports has continued in January to $1.55 billion – up by 17 percent YoY as has been indicated by government officials. ATPMA is celebrating this achievement which the commerce minister has attributed to a shift in export orders from India and Bangladesh to Pakistan. It’s heartening to witness this growth, however, this growth in textile exports is not confined to Pakistan only. In fact, the textile exports in Jan 22have increased by a whopping 41 percent YoY in Bangladesh, meanwhile the growth was 28 percent in 1HFY22.
The growth in orders across this region indicates an increase in demand for textile from the west. Pakistan is therefore not the only country to benefit from this trend. Export value for textile has also improved due to increase in price. It is difficult to identify if the growth for textile exports is a consequence of increase in price or volume. The data in LSM and PBS is inconclusive in this regard it is therefore safe to assume that both factors are responsible.
It is difficult to ascertain whether there is a shift of exports from regional countries to Pakistan. Seeing the Pakistan textile exports trend in the past three years, one thing is clear that there is decline of exports of yarn and cloth (low value added) and significant growth in knitwear and garments (high value added). That is a good omen as more dollars are being fetched per ton of textile exports due to the higher dependence on value added segment.
The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 200 per maund and closed it at Rs 19900 per maund. Polyester Fiber was available at Rs 263 per kg.
Copyright Business Recorder, 2022
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