Over $ 11 Billion Worth Cotton Products Exports Registered In
Fahad Shabbir (@FahadShabbir) Published September 29, 2016 | 06:20 PM
ISLAMABAD,(UrduPoint / Pakistan Point News -29th Sep,2016) : Minister for Commerce Engineer Khurram Dastgir Khan said Thursday the country exported cotton products worth $11 billion during 2015-16. Replying to a question during question-hour in the Senate, he said cotton related products comprised raw cotton, cotton yarn, cotton cloth, cotton carded or combed, knitwear, bed wear, towels, tents, canvas and tarpaulin and readymade garments.
He said it was a fact that export of cotton products had decreased during the last three years and the reasons of decline included inconsistency in yield of cotton crop, rising cost of business, shrinking global demand and decrease in cotton prices in the market.
He said several steps had been to enhance exports of cotton products including a sector specific international exhibition of textile products, TEMPO 2016, that had been organized by Trade Development Authority of Pakistan for the first time in April this year.
He said the government had reduced the electricity tariff by Rs 3 for the industrial units with effect from 1st January 2016 in order to reduce cost of doing, business, adding the availability of affordable finance for the export sector had considerably improved.
The State Bank of Pakistan, he added, had further reduced the discount rate which currently stands at 6 percent, adding the Export Finance Rate currently at 3.5 percent was the lowest in a decade especially for textile sector.
He also said under Textile Policy 2015-19, an amount of Rs. 64.15 billion would be spent on the textile sector to double the exports of textiles and clothing sector from the existing US$ 13 billion to US$ 26 billion by the year 2019.
He said trade facilitation oriented measures at Taftan point at Pakistan-Iran boarder and work on entry gate was almost complete, which will help give impetus to trade activities.
Related Topics
Recent Stories
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
More Stories From Pakistan
-
Iranian President reiterates commitment to promote bilateral relation with Pakistan
43 seconds ago -
KP CM chairs meeting of Integrated Security Architecture’s apex committee
1 hour ago -
President Raisi accorded warm welcome on arrival in Karachi
1 hour ago -
Spending quality time in nature may lower heart disease, diabetes risk: Study
1 hour ago -
President Raisi pays respects at Quaid's mausoleum
1 hour ago -
FM Dar speaks to overseas Pakistanis via Zoom
1 hour ago
-
Govt to form parliamentary committee to end violence in Balochistan: CM Bugti
2 hours ago -
LESCO collects over Rs 4.48m from 104 defaulters in 24 hours
2 hours ago -
Dr. Jamileh calls for role of Muslim women for promotion of Islamic culture
2 hours ago -
LESCO detects 73,722 power pilferers in 217 days
2 hours ago -
Farmers express concerns on low wheat price in market
2 hours ago -
CEO SEPCO for taking action against those involve in over billing & power theft
2 hours ago