Yarn makers’ ‘cartel’ pushes prices up by 50pcArchive
LAHORE: Yarn manufacturers are acting like a cartel, the value-added apparel sector claims, as they have raised prices by 50 per cent to Rs1,200 per 100-pound bag from Rs800 since the imposition of 10 per cent imports duty.
Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) Chief Coordinator Ijaz Khokhar, in a press statement issued on Friday, said cotton prices climbed soon after the government announcement.
He said even the consignments booked earlier were blocked and spinners’ lobby directed their dealers to stop booking new orders till the imposition of regulatory duty next month.
“Prgmea appeals to the government to revisit the imposition of additional regulatory duty and take all sub-sectors of the textile chain on board before making a final decision.”
He said the textile ministry was fully aware of the fact that the spinning sector was making value-addition of just 59pc while performance of value-addition by woven garments sector was 846pc and hosiery and knit garments 616pc.
Published in Dawn, October 31st, 2015
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