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KARACHI: Pakistan Yarn Merchants Association (PYMA) has urged the government to withdraw 5% regulator duty (RD) on import of polyester filament yarn which is in short supply in the domestic market.
In a statement issued on Tuesday, PYMA Chairman Khurshid A. Shaikh argued that the domestic polyester filament yarn industry does not have sufficient capacity to fully meet the demand of polyester fabric industry. This shortage of filament yarn in the local market is elevating prices, making waving and knitting industries of polyester fabric useless, he added.
Moreover, he added that the government has also imposed an anti-dumping duty on import of all categories of polyester filament yarn (H.S. Code 5402.3300 and 5402.4700) between 3-11pc.
As a result, import of polyester filament yarn has become totally impracticable.
In order to keep the domestic polyester fabric industry operational, the availability of raw material (polyester filament yarn) should be ensured at a reasonable price and for this import of the polyester filament yarn at reduced duty and taxes should be allowed, Shaikh concluded.