The Textile Industry has faced a huge loss as millions of dollars exports is at stake due to shortage of Cotton yarn and its high prices.
ISLAMABAD: (UrduPoint/Pakistan Point News-March 3rd, 2021) Prime Minister Imran Khan expressed serious concerns over shortage of cotton and escalating cotton yarns.
The Prime Minister directed the Ministry of Commerce and Investment to take necessary measures in this regard.
Taking to twitter, Special Assistant to Prime Minister on Commerce and Investment Abdul Razak Dawood said that the PM held a meeting on Cotton and its escalating prices.
He wrote: “A meeting was held with the Prime Minister @ImranKhanPTI today. He showed his concern on shortage & escalating cotton yarn prices and instructed to take necessary measures, including cross border trade of cotton yarn, to keep the momentum of value added exports,”.
The Textile sector is in trouble because of shortage of Cotton and yarn and its high prices in the market.
Cotton prices touched historic high as it reached Rs 8, 600 per maund.
The unavailability of cotton yarn has badly affected the value-added textile industry in the domestic market by putting millions of Dollars export orders at stake.
The spinners also faced huge loss due to shortage of cotton and the major damaging factor is the involvement of hoarders and speculators in the cotton and cotton yarn—which is leading prices to record high.
