Central Chairman, Pakistan Yarn Merchants Association (PYMA) Khurshid A. Shaikh, Zonal Chairman, Muhammad Aslam Moten & Zonal Vice Chairman, Muhammad Khalid Gader have expressed deep concern over continuous increase in prices of yarn and urged government to take immediate notice.
PYMA office bearers in their appeal to government have drawn attention over non-availability of Yarn raw material as per production demand & said that domestic Filament Yarn Manufacturers are getting undue advantage of regulatory duty imposed on imported polyester Yarn. Due to this situation, Yarn prices has been highly increased & domestic polyester fabric industry faces severe dangers.
PYMA office bearers have said that Domestic Polyester Filament Yarn Manufacturers does not possess capacity to meet out production demand of local industries due to which domestic Polyester Fabric Industry has to depend upon imported raw material.
In spite of low production capacity of Domestic Polyester Filament Yarn Manufacturers, imposition of 5% RD on imported polyester filament yarn by Government is un-decipherable & will destroy the national weaving & knitting industries. Due to this decision, cost of imported polyester filament Yarn has increased at a un- bearable level.
PYMA office bearers further said that the government has recently imposed minimum 3% & maximum 11% anti dumping duty on all items of imported polyester filament Yarn which covers H S Code 5402.3300 & 5402.4700. The Regulatory Duty became useless as domestic industry does not produce all items covered under H S Code 5402.3300 & 5402.4700. Now local industry trying for imposition of anti dumping duty on black colored yarn.
PYMA office bearers have further said that duty on imported polyester filament Yarn is higher than imported polyester fabric which is against the law & destroy the whole polyester chain cascading system. Polyester filament Yarn is not a luxury item but only a raw material.
They have appealed to government that to save local polyester fabric industry from total collapse, duty & taxes on imported filament Yarn must be reduced. Beside this anti dumping duty on imported filament yarn must be suspended until domestic filament yarn industry achieves production capacity to fulfill demands of national industries.-PR
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