LAHORE: The
Pakistan Readymade Garment Manufacturers and Exporters Association (PRGMEA) has
said the sharp increase in cotton yarn prices by almost 20 percent has hit the
export-oriented value-added textile sector hard.PRGMEA (North Zone) senior vice chairman Sheikh Luqman
Amin said that the unprecedented surge in cotton yarn rates during the cotton
crop season is understandable, as the prices are usually at the lowest ambit
these days.
Cotton yarn prices have increased by around 20 percent to
Rs12,000/bag of 100 pounds from Rs8,000 due to cartelisation of local
manufacturers who are holding the stock to create artificial shortage, he said.
The PRGMEA senior vice chairman asked the government to take preventive
measures, as the export target would not be achieved due to high energy cost
and discriminating import duties on industry raw material.
t;font-family:"Merriweather","serif";
color:black''>Cotton yarn prices have increased by around 20 percent to
Rs12,000/bag of 100 pounds from Rs8,000 due to cartelisation of local
manufacturers who are holding the stock to create artificial shortage, he said.
The PRGMEA senior vice chairman asked the government to take preventive
measures, as the export target would not be achieved due to high energy cost
and discriminating import duties on industry raw material.
Source: Business Recorder, Pakistan Wednesday, 15 November 2017