Business
April 24, 2021
ISLAMABAD: Ministry of commerce has released Rs2.5 billion under drawback on local taxes and levies (DLTL) in line with the longstanding demand of industries that are facing liquidity crunch due to unsettled funds, commerce adviser said on Friday.
“MoC [ministry of commerce] has released Rs1,154 million for the non-textiles sector and Rs1,346 million for the textiles sector, a total of Rs2,500 million under DLTL schemes,” Adviser to Prime Minister for Commerce and Investment Razak Dawood wrote on Twitter.
“Hope this will resolve the liquidity issues of our exporters and enable them to enhance exports,” Dawood added.
Textile sector that accounts for over 60 percent of the country’s exports has been calling for release of stuck refunds and rebates to get out of liquidity crunch.
Commerce ministry releases Rs2 5 billion under DLTL
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Commerce ministry releases Rs2 5 billion under DLTL
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Yarn shortage pushes up summer wear prices by 20 per cent
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Synopsis
Top manufacturers Lux Industries and Dollar Industries said the increase in yarn export to Europe and the US since October due to disruptions in their local manufacturing and in their sourcing from China has led to a shortage of yarn in the domestic market, and the situation is not expected to improve till July.
Agencies
India’s knitwear industry is among the few sectors that managed to buck the general downtrend seen in the economy due to disruptions caused by pandemic.
Shortage of cotton yarn in the domestic market has pushed up prices of hosiery items, including innerwear and loungewear, by 10-20%, and manufacturers say the price jump could double if the supply disruption caused by increased exports is not remedied.
Textile bodies join hands across Asia
Collaboration aimed at better purchasing practices in textile, garment industry
PHOTO: AFP
Major textile exporters of Pakistan have formed an association with their counterparts from other Asian nations in an effort to remove the obstacles hindering swift export of textile.
“Asian producer associations are joining forces for better purchasing practices in the textile and garment industry,” said a statement issued by the Sustainable Textile of Asian Region (STAR) Network, the first intra-Asian network of producer associations of textile and garment industry.
Pakistan Hosiery Manufacturers and Exporters Association (PHMA), Pakistan Towel Manufacturers Association (PTMA) and Pakistan Textile Exporters Association (PTEA) are collaborating with textile exporters from Bangladesh, Cambodia, China, Myanmar and Vietnam.