PPYMA has requested to reduce customs duty on polyester filament yarn. An official representative of Pakistan’s textile industry and the Pakistan Yarn Merchants Association (PYMA) has requested to PM Nawaz Sharif, Finance Minister Ishaq Dar, Commerce Minister Khurram Dastgir Khan to help save the polyester filament fabric industry from further disaster.
About 300,000 knitting machines and looms have stopped working in the last 5 years. It has resulted in affecting the about 5 million people, directly or indirectly. The inefficient and outdated domestic polyester filament yarn (PFY) industry is incapable of meeting even about 25% of the net demand of Pakistan.
At the same time, the local polyester staple fiber production is enough to suffice Pakistan’s requirement, whereas production of polyester yarn is only 25% of the required quantity for Pakistan, still, import duty of the PFY is at 12% compared to the polyester fiber at 7%.At the same moment, the ongoing Anti-Dumping Investigation on polyester filament yarn, is completely unjustified.
The officials requested to the relevant authorities to decrease the customs duties on polyester filament yarns from12 to at least 7% and also impose no duty of any kind. They have urged the government to act quickly to help the polyester knitted fabric sector avoid further problems one year.
