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Yarn shortage pushing industries towards closure

Yarn shortage pushing industries towards closure Textile exporters say exports have dropped drastically , warn of massive layoffs KARACHI: Textile exporters have lamented that the aggravating cotton yarn crisis due to its shortage has caused a drastic decline in exports, pushing industries on the verge of closure and sparking fears of layoffs of millions of workers. At a joint press conference of various textile associations, Pakistan Apparel Forum Chairman Jawed Bilwani said, “The government has closed its eyes on the hoarding of cotton yarn and cartelisation, which can be dealt with as per law under the Price Control and Prevention of Profiteering and Hoarding Act 1977 and Competition Act of Pakistan 2010.”

PM urged to order forensic audit to break cotton cartel - Newspaper

Pakistan’s readymade garments industry has called upon Prime Minister Imran Khan to order a forensic audit of yarn producers to break their cartel. AFP/File LAHORE: Pakistan’s readymade garments industry has called upon Prime Minister Imran Khan to order a forensic audit of yarn producers to break their cartel in line with the actions taken by his administration against the sugar cartel. In a letter addressed to the prime minister, the Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) pointed out that the yarn producers have increased the rates of yarn by more than 40 per cent despite declining prices of cotton in the international market, hitting the apparel sector exports.

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