LAHORE: Yarn prices have increased by around 16 per cent to Rs11,500 per bag of 100 pounds from Rs9,950 during the last 45 days.
The prices were increased mainly due to cartel made by the local manufacturers for taking advantage of 10 per cent additional regulatory duty on yarn imports
Pakistan Readymade Garment Manufacturers and Exporters Association (Prgmea) Chief Coordinator Ijaz Khokhar said prices of 10-count single yarn had increased almost 16% and same was the case with other varieties of yarn.
Khokhar asked the government to take preventive measures as the export target of $25 billion could not be achieved in the last fiscal year due to high energy costs and discriminatory import duties on the industrial raw material.
“Prgmea appeals to the government to abolish the additional regulatory duty on cotton yarn that should be imported freely from anywhere, as it is hitting the whole value-added apparel sector, especially due to limited availability of cotton, which is being exported without any hindrance.”
