Pakistan’s yarn imports are expected to rise in this quarter as the government will slash the duty imposed on yarn imports, especially for the value-added textile sector of Pakistan. The reduced duties are likely to help control the rising prices of yarn, said Abdul Razak Dawood, advisor to the Prime Minister on commerce, textiles and investment.
Dawood also said that this move will increase the availability of yarn and sustainable textiles, and boost clothing exports. The notification for reduction of duty on yarn imports will be issued soon.
The country’s monthly average of yarn imports was $95.84 million in the last quarter of 2020, which dropped by 3.79 per cent to $92.30 million in Q1 2021. However, it went up to $98.82 million in Q2 2021 and $99.93 million in Q3 2021.
The monthly average of yarn imports is further expected to rise considerably in the last quarter of 2021 to $113.67 million, recording a surge of 13.76 per cent.