The sale of trucks (medium and
heavy) has fallen below 1,000 units compared to 4,000-5,000 while bus sales have plunged
to less than 400 from 1,000 units in the last few years.
'The downslide in heavy vehicle industry is caused by the general
recession and oversupply position in subsequent years, which still persist," Pakistan
Automotive Manufacturers Association (PAMA) said in a letter to the Finance Minister.
Toyota car prices revised upward
The price of Toyota Corolla cars have been revised upward by
Rs2,500-25,000 in the second week of June.
According to dealers, Corolla prices, which were reduced in May under
an incentive scheme and later extended up to June 8, have now been revised.
Indus Motors, in a letter to its all dealers, announced the new prices.
The ex-factory retail price of Corolla XE, XEG and GL is now Rs679,000, Rs719,000 and
Rs809,000 compared to Rs676,500, Rs716,500 and Rs804,000 respectively.
Chinese team interested to invest in solar energy
A Chinese investment delegation has appreciated the investment policy
of Pakistan and has expressed its desire to invest in PM's Housing Scheme and in hotel,
shopping plaza, solar energy, electronic goods as well as participation in mutual trade
and commerce with emphasis on export of various items like furniture and marble from
A private sector investment delegation from China led by Standing
Chairman Jia Bing of the HongDa Group held a meeting with Chairman Board of Investment
(BOI) Humayun Akhtar Khan here on Wednesday.
HongDa Group is one of the well established private enterprise in
Xinjiang Region of China with multi-million dollar asset concern. The delegation currently
on visit to Pakistan (20-29th) will discuss investment opportunities with Pakistani
officials and businessmen at Islamabad, Lahore and Karachi.
CBR collecting Rs 1bn taxes daily
Sudden rush in clearance of imported raw materials has boosted federal
tax revenue collection in June and the Central Board of Revenue has recorded over Rs 1
billion per day receipts in the last month of financial year 1998-99.
The Provisional Tax Collection Statement of CBR up to June 21, 1999,
reflects that this unprecedented collection of Rs 21.544 billion has been caused by a
surge at the clearance counters of Customs at ports where importers of raw materials seek
brisk handling of consignments.
The CBR senior officials told that Customs clearing officials at ports
and at the bonded warehouses have been facing streams of importers and manufacturers who
were availing of the two incentives which helped getting clearance at lower rates of duty
Export of 0.lm tons rice possible by Nov
Pakistan will be able to export another 100,000 tons of Basmati and
IRRI rice till the end of season in November, a leading exporter said.
Haroon Qasim, vice president Rice Exporters Association of Pakistan
(REAP) said, so far one million tons of IRRI and 400,000 tons of basmati rice have been
exported while small orders continued to pour in from different countries.
He said that 10,000 and 15,000 tons of rice have to be shipped to
various countries while exporters expect orders from Mauritius also.
He said the rice export season begins from October and continues till
November while official fiscal year is June-July, and the figures till June do not reflect
the total rice exports.
He said exports will continue till November and Pakistan still have a
sufficient stock of basmati rice for export purposes.
Unit prices of major exports fall
The unit prices of the major exports have declined during '98-99 except
rice, gur production, fruits, vegetables and oilseed nuts kernel due to increasing
competition from Asia Pacific countries.
Official sources said the government had asked Ministry of Commerce for
a report on the causes that led to sharp decrease in export by 11.7% ($ 1
Sources said the report shows significant drop in exports to all the
regions of the world during '98-99 as compared to corresponding period of last year.
The report said, global economic recession in '98-99 has adversely
affected the imternational market and as a result, export prices of four Pakistani major
exports were depressed.
They said, decline in export of 12% in '98-99 ( $1bn loss) is mainly
due to the negative price effect by 7% and negative quality effect of 5%. Besides this, he
added, to some extent the decline may be due to under-invoicing by Pakistani exporters.
Likewise, they pointed out that the increasing competition from Asia-Pacific countries has
come hard due to a steep currency devaluation in some of these countries like Indonesia,
Malaysia and Thailand.
Officials said the Asia remained the largest buyer of Pakistani goods
and its share in total exports remained on the previous year level of 36% during '98-99.
About 24% of our exports are destined to East Asia. In East Asia
exports amounted to $1390m as compared to $1506m, registering a decline of 7.7% during the
period umder review.
The share of European Union and Oceania also remained on the previous
year level of 30% and 2% respectively during this period.
The total export to EU amounted to $1718m as compared to $1968m during
the corresponding year period of last year registering a decline of 12.7%. The share of
American region increased to 26% in '98-99 from 24% during 1996-97.
Total export to American region amounted to $1453m as compared to
$1594m during the corresponding period of the last year registering a decline of 6.2%. The
export to North America region also declined by 4.9% as compared to corresponding period.