LAHORE: Yarn rate in the country has been increased by 50 per cent to Rs1,200 per 100 pounds bag from Rs800 after the recent imposition of 10 per cent regulatory duty on import of yarn and fabric by the government.
Industry stakeholders said that though the implementation of another 10% duty’s imposition on yarn would be started from next month yet the additional cost is being included on yarn import deliveries to the apparel sector since the finance minister made announcement in this regard.
Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) chief coordinator Ijaz Khokhar accused the government of promoting yarn cartel, because the authorities did not bother to take their own ministries of Commerce and Textile onboard while making this blunder.
Ijaz khokhar said that apparel industry is already suffering with the low productivity due to shortage of electricity and gas. Unit cost of doing business had gone very high to compete with our regional competitors.
