APTMA threatens to protest over untimely clearance of imported cotton

Web Desk 11:50 PM | 19 Jan, 2023
APTMA threatens to protest over untimely clearance of imported cotton

LAHORE – The textile industry threatened the government of Pakistan with the protest and strike if timely clearance of imported cotton will not be allowed which has already reached Karachi Port. 

The warning was issued by the Chairman All Pakistan Textile Mills Association (APTMA) Chairman Hamid Zaman in a discussion program of the Lahore Economic Journalist Association (LEJA) here at APTMA house on Thursday.

The LEJA President Sudhir Ch in the opening note elaborated on the objective of the Discussion Programs with the stakeholders. The Senior Vice Chairman APTMA Kamran Arshad and Vice Chairman Asad Shafi were also present on this occasion.

Zaman said that the textile industry will be forced to protest if the government will not clear the imported cotton coming to Karachi. The textile industry will fail the export target of USD 25 billion this year due to the non-availability of raw materials, mainly raw cotton, he added. He said this year textile exports will be limited to 16 or 17 billion dollars.

The textile industry imports raw cotton and after value addition exports it at four times the imported value. Thus, the government should allow exporters to import 35 percent of the export value. Still, if things are not controlled, 7 million people associated with the textile industry will be unemployed this month, he warned.

The industry has been left with 60 days for raw materials only and if timely clearance of already arrived cotton will not start from the port then by the March end industry will completely shut down. This will result in unemployment of 25 million people across the country, he added. 

Further, almost 30 to 50 percent of the textile industry of Punjab, KPK and Sindh has already been completely or partially closed. The industry has so far ordered 1.7 million bales of cotton from the US, out of which 0.531 million cotton bales were dispatched from the US and 100,000 bales of them have already arrived at Karachi port with a value of more than USD 300 million. These already placed orders could not be cancelled. The government needs to instruct the commercial banks and the State Bank of Pakistan for timely clearing of the L/Cs of the cotton bales importers to avoid any export crisis. 

Responding to the questions, Zaman admitted that some exporters did not bring their export amount back to Pakistan due to the instability of the exchange rate. Further, he suggested the government should take action against the black sheep hoarding dollars illegally. The APTMA will not support black sheep, he added. 

Zaman further pointed out that demurrages and detention charges on imported goods have exceeded the value of the goods that foreign companies have to pay. So far, 2 billion rupees of demurrages and detention charges have been charged, which are increasing with time, and for a few days, the traders and banks will be at odds with each other.

Senior Vice Chairman Kamran Arshad said that a severe shortage of raw cotton exists in the local market as the country produced only 4.6 million cotton bales this year. He mentioned that 15 million cotton bales are required to achieve USD20 billion in exports. 

Ashad Shafi said that by closing the shops early, the government exchequer would suffer a revenue loss of Rs 500 billion. He added that the fear of unemployment spread in this era of inflation due to such policies.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on June 6, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 06, 2023 (Tuesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 304.9 308.15
Euro EUR 322 325
UK Pound Sterling GBP 377 381
U.A.E Dirham AED 83.5 84.5
Saudi Riyal SAR 80.5 81.5
Australian Dollar AUD 202 204
Bahrain Dinar BHD 758.82 766.80
Canadian Dollar CAD 226 230
China Yuan CNY 40.28 40.68
Danish Krone DKK 41.03 41.43
Hong Kong Dollar HKD 36.4 36.75
Indian Rupee INR 3.46 3.57
Japanese Yen JPY 2 2.08
Kuwaiti Dinar KWD 925.2 934.2
Malaysian Ringgit MYR 61.94 62.54
New Zealand Dollar NZD 173.16 175.16
Norwegians Krone NOK 25.88 26.18
Omani Riyal OMR 742.38 750.38
Qatari Riyal ‎QAR 78.38 79.08
Singapore Dollar SGD 220 222
Swedish Korona SEK 26.36 26.66
Swiss Franc CHF 313.87 316.37
Thai Bhat THB 8.21 8.36

Today's gold rates in Pakistan | gold price in Pakistan – June 7, 2023

Gold Rate Today:

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 228,900 on Wednesday. The price of 10 grams of 24k gold was recorded at Rs197,190.   

Likewise, 10 grams of 22k gold were being traded for Rs180,756 while a single tola of 22-karat gold was being sold at Rs 210,832.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Gold Price in Pakistan: Lahore, Karachi, Islamabad

City Gold Silver
Lahore PKR 228,900 PKR 2125
Karachi PKR 228,900 PKR 2125
Islamabad PKR 228,900 PKR 2125
Peshawar PKR 228,900 PKR 2125
Quetta PKR 228,900 PKR 2125
Sialkot PKR 228,900 PKR 2125
Attock PKR 228,900 PKR 2125
Gujranwala PKR 228,900 PKR 2125
Jehlum PKR 228,900 PKR 2125
Multan PKR 228,900 PKR 2125
Bahawalpur PKR 228,900 PKR 2125
Gujrat PKR 228,900 PKR 2125
Nawabshah PKR 228,900 PKR 2125
Chakwal PKR 228,900 PKR 2125
Hyderabad PKR 228,900 PKR 2125
Nowshehra PKR 228,900 PKR 2125
Sargodha PKR 228,900 PKR 2125
Faisalabad PKR 228,900 PKR 2125
Mirpur PKR 228,900 PKR 2125

Daily Pakistan diligently monitors and updates the current gold rates in Pakistan on a daily basis


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