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Pakistan’s yarn imports rise in 2016-17

In 2016-17, Pakistan imported over 78,000 tons of yarn compared to 51,000 tons during the previous financial year. From July 2016 to March 2017, total yarn imports were 61,000 tons; nearly 87 per cent of this import was made under Duties and Tax Remission for Export.

Presently around 35 per cent importers and over 80 per cent exporters are provided with the facility of green channel, which results in automatic clearance consignments at both import and export stages. In the first nine months of the current financial year, imports under the exemption schemes stood at 53,303 tons.

Much of Pakistan’s yarn imports come from China and India. Pakistan has imposed a regulatory duty on cotton yarn imports to protect the local industry. The idea is this will protect the rights of value-added exporters who could utilise the facility of duty and tax remission on exports. This policy has proved successful and garment exports registered a five per cent increase.

The industry wants the four per cent customs duty and five per cent sales tax on the import of cotton to be removed. This will enable the spinning industry to function properly and a free trade in cotton will serve the interests of all segments of the textile chain while protecting the interests of growers.