Textile Exporters have decided to stop purchase of yarn immediately

Faisalabad October 27: Textile Exporters have decided to stop purchase of yarn immediately due to exorbitant price hike in the local market and in case the situation becomes worse they will close down their Factories. Consensus towards this decision was arrived at an emergent meeting of the local textile exporters here today to forge line of action against the speculation and un-certain condition in the local yarn market.

Terming the recent price hike of yarn as fatal for the Industry, they said that the Textile Industry was already in doldrums as the cost of production has already gone beyond the control and our exportable goods are not competitive due to high prices. The Gas closure has added fuel to the fire and the Industry is on the verge of collapsing. Under these circumstances they were constrained to stop purchase of yarn and also to close down their Mills in case there is no improvement.

They further stated that polyester fiber was alternate raw material but its prices were also out of reach of the textile exporters. They have demanded removal of import duty on Polyester Fiber.