MULTAN City News

Cotton arrival shows 6.19pc decrease

From Our Correspondent

MULTAN: Seed cotton (Phutti) equivalent to over 4,374,982 bales has reached ginneries across the country as of October 15, showing a decrease of 6.19 per cent as compared to the corresponding period last year when the ginneries received 4,663,876 bales.

According to the PCGA fortnightly report, the ginning factories in the Punjab recorded arrival of 1,957,961 bales while the ginning factories in Sindh recorded arrival of 2,417,021 bales. The ginning factories in Sindh have recorded a shortfall of 3.7 per cent bales as compared to the corresponding period last year. The textile mills have bought 3,144,090 bales while the exporters bought 295,490 bales. The total bales sold out so far were calculated at 3,239,580 bales.

According to the PCGA report, Multan received 73,776 bales (96.01 per cent increase), Lodhran 47,720 bales (23.1 per cent increase), Khanewal 273,294 bales (1.99 per cent decrease), Muzaffargarh 90,697 bales (13.85 per cent decrease), Dera Ghazi Khan 92,824 bales (21.99 per cent decrease), Rajanpur 116,394 bales (17.49 per cent decrease), Layyah 88,100 bales (9.99 per cent decrease), Vehari 157,186 bales (24.53 per cent decrease), Sahiwal 119,965 bales (28.6 per cent decrease) Pakpattan 27,644 bales (53.17 per cent decrease), Okara 13,457 bales (29.89 per cent decrease), Toba Tek Singh 87,802 bales, Faisalabad 21,000 bales, Jhang 18,242 bales, Mianwali 78,725 bales (21.95 per cent increase), Bhakkar 325,294 bales, Sargodha 3,200 bales, Rahimyar Khan 139,142 bales, Bahawalpur 217,887 bales (13.47 per cent increase), Bahawalnagar 255,650 bales, Hyderabad 193,156 bales (7.43 per cent decrease), Mirpur Khas (Thar) 207,392 bales (19.48 per cent decrease), Sangarh 1,074,564 bales (6.37 per cent increase), Nawabshah 236,045 bales, Naushero Feroze 1,62,540 bales, Jamshoro 91,894 bales, Badin 22,849 bales and Balochistan 48,400 bales.

Total 931 ginning factories are operational in the country. Of them, 661 are in the Punjab and 270 in Sindh. Total 1,135,402 bales are lying as unsold stock.

Traders laud proposed package for exporters

From Our Correspondent

MULTAN: The business community Thursday hailed the proposed Rs 100-125 package for exporters with a major share for textile sector scheduled to be announced by Prime Minister Nawaz Sharif to boost exports.

Reportedly, the package has been finalised in the light of recommendations forwarded by Commerce Minister Engineer Khurram Dastgir Khan and other people in high-level meetings held in Islamabad, Karachi and Lahore.

Talking to reporters, Multan Chamber of Commerce and Industry president Khawaja Jalaluddin Roomi expressed hope that the package would be announced in week.He said the package is aimed at boosting exports because the PM wanted to give an attractive package to exporters.

Roomi urged the government to honor its pledge date entertaining pending tax refunds of exporters without any delay.Referring sources, he said the government was expected to announce 3 per cent rebate to yarn/grey fabric, 4 per cent to processed fabrics, 6 per cent for home textile/knitwear and 8 per cent for garments sector.

They said the proposed rebate for raw and semi-raw exports would be around 4 per cent and value-added sectors at 8 per cent, respectively.“Removal of import duty and sales tax on industrial machinery is also on the cards,’’ the sources maintained, adding that duty drawback, bond and export refinance schemes will be simplified to facilitate SME exporters.The sources added the government is also expected to remove moratorium on industrial gas connections on RLNG and increase gas load for the industry.