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Sale of trucks, buses on decline

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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 Pakistan.

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 and taxes.


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 bn).

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.