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Elahi Cotton Mills Limited made an announcement on Monday regarding the temporary suspension of production activities at the mills for a period of ten days.
This decision was communicated to the Pakistan Stock Exchange (PSX) in an official notice, and it was reached during a meeting of the company’s Board of Directors held today.
The notice explained that the Board of Directors chose to halt production activities due to the significant economic downturn observed in both local and international markets, particularly concerning the demand and pricing of polyester and yarn. This temporary production suspension is scheduled to commence on October 16, 2023.
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It’s worth noting that Pakistan’s textile exports have experienced a notable decline, with a 12 percent decrease on a year-on-year (YoY) basis in September 2023. The exports amounted to $1.35 billion, as compared to the $1.53 billion recorded in the same month of the previous fiscal year.
According to data from the All Pakistan Textile Mills Association (APTMA), there was also an 8 percent decline in exports on a month-on-month basis when compared to the $1.46 billion in exports reported in August 2023.
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