KARACHI: Asif Inam, regional Chairman of the All Pakistan Textile Mills Association, Sindh-Balochistan, has condemned mala-fide propaganda regarding the shortage and unavailability of yarn. Yarn import is allowed from all over the world except India in response to their restriction on the import of Pakistani products.
In a statement released to the press, Asif Inam said that data yarn is already imported from 59 countries as per customs. He stated that data is fabricated to portray a devastating situation of decline in exports by comparing exports of 28 days of February 2021 with 29 days of February of 2020, a leap year.
Asif Inam further said that the downstream industry is creating uproar over cotton yarn unavailability even though they are availing facilities not provided to yarn exporters, including subsidised export refinance facilities, duty local taxes and Levies (DLTL). Moreover, they are also allowed to import duty-free cotton yarn under DTRE, Export Oriented, and Manufacturing Bond Schemes in case they find local yarn expensive.
The downstream industry is pushing the government for long term policies. On the other, it hopes government interference will rescue them from bad decisions regarding the forward selling of foreign exchange and higher commodity prices worldwide, a consequence of relentless money printing by developed countries during the pandemic.
Asif Inam urged the government not to import cotton yarn from India until it restores normalisation in trade with Pakistan.