Export Promotion Bureau (EPB) has received international tenders from
India and South Africa for the supply of medical equipment, computers. The closing dates
for these tenders are January, 10,17 and 28. The EPB has advised interested exporters to
contact its offices to obtain more details.
Pakistan will ship 12,500 ton white sugar to Iraq by February next
year. Sugar industry sources told that Pakistani traders were likely to win sugar export
orders for Baghdad because of low price and high quality of the commodity.
Contracts made for export of 0.3m cotton bales
Pakistani private exporters have booked contracts for about 3 lakh
cotton bales with foreign buyers from India, Bangladesh, Indonesia, Hong Kong, Thailand,
Taiwan, etc., and the figure may cross 10 lakh bales by June 2000, market source said on
Cotton exporters registered 174151 bales with Export Promotion Bureau
(EPB) till December 14, 1999 and shipment of over 15,000 bales have been made from
Pakistan to India and Far Eastern countries.
A bulk of 30 to 40 percent export contracts were made with Indian
buyers which had bad crop this season when international prices were depressed and being
sold at 36 cents per pound. The contract made so far were of lower to high grades cotton
however, India has started demanding the two highest grades 1503 and 1505 which become
scarce at the end of year.
Exporters said Indian importers were including a tricky condition in
LCs that samples will be obtained from each cotton bales at the loading port to be sent to
Indian for quality check and the process would take about one week.
This condition may land Pakistani exporters who were trading at a
profit of just 1 percent in difficult situation as Indian exporters may find quality of
shipped cotton not upto the requirement and refuse to accept certain bales or offer
discounted price on these bales which will be a loss to exporters.
On the other hand Trading Corporation of Pakistan (TCP) which was
allowed by the government to play role of second buyer in cotton market has still not made
any export contracts.
TCP has said it has written letters to foreign buyers and some of them
have responded asking further queries about the stock.
TCP has so far made contracts for around 980,000 cotton bales with
ginners and lifted around about 250,000 bales by December 22, 1999.
Duty exemption on imported goods for re-export
Central Board of Revenue has notified to expand the scope of duty and
tax exemption on import of goods for a reexport.
This scope has now been extended from the material for processing,
manufacturing and repair, to all the materials and components, sub-components for
processing, assembly, manufacturing, repair or rebuilding.
Through an amendment made in the CBR notification No SRO 818 (I)/89,
dated August 9,1989, the exemption has been allowed by an insertion under notification No
C. 11 (62) DDS/96-PT, dated Dec 17, 1999.
Urea prices go up on levy of import duty
The prices of urea have reportedly gone up by Rs 20 in wheat growing
areas as a result of imposition of 10% duty on its import by ECC.
The decision is likely to affect wheat sowing in cotton belt (Seraiki
region) in particular where sowing process is in full swing. Officials said that urea was
sold at Rs 320 per bag in the Seraiki region against the previous rate of Rs 300, a day
before the decision.
Officials who received reports of this increase Wednesday said, levy of
duty on urea import amid wheat cultivation has surprised them as they have been advising
growers to use additional fertilizer to get maximum production.
Economic Coordination Committee (ECC) of the cabinet had decided to
impose 10% duty on urea import by the private sector in its meeting held on Tuesday.
HMC to export sugar, cement plants worth over $300m
Heavy Mechanical Complex (HMC) will export sugar and cement plants
worth over $ 300 million besides balancing, modernization and rehabilitation of existing
plants in five countries.
Negotiations are at different levels with five countries including
Bangladesh, Nigeria, Sudan, Iraq and Syria for the supply of sugar and cement plants,
manufactured by HMC, sources at the Complex said here Wednesday.
HMC has also identified agriculture sector as an important area for the
local manufacturing of agricultural machinery including rice transplanters, potato graders
and bulldozers with the technical advice and support of Pakistan Agricultural Research
Council, sources said.
The Complex, sources maintained would however continue to focus on
export market to retrieve this strategic asset back on the rails of fast recovery and
Textile exports up
Pakistan's textile exports have recorded an increase of $180m during
the first five months of the current fiscal as cheaper local lint prices has given the
needed push to the competitive edge of spinners.
According to office figures released by the Export Promotion Bureau
(EPB), textile export swelled to $2.197 billion during the first six months of the current
year as compared to last year's comparable figure of$2.017 billion.
Stock market touches year's highest level
The stock market touched the year's highest level on Saturday,
breaching the 1,400 barrier as all investment stocks and blue chips staged a handsome
rally under the lead of fuel and energy stocks.
The market was up on the statement of Finance Minister Shaukat Aziz
that a mission of International Monetary Fund was scheduled to arrive next month to
negotiate on stalled loans of $280 million from the credit line of $1.56 billion approved
earlier this year.