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Jan 17 - 23, 2000

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

Fish export thru fake documents detected

The Collectorate of Customs (Exports), Karachi has foiled an attempt by detecting a case to export fish container amounting to Rs2 million based on forged certificate of health and origin supposedly issued by Marine Fisheries Department (MFD) to the United Kingdom (UK), says to a Collectorate press release.

In order to circumvent the quality control regulations prescribed by the MFD, Noor Sons Enterprises prepared a fake certificate and stamps and forged the signature of the MFD officials to export fish to the UK as the firm was not entitled to export fish to EU countries, the press release added.

India puts ban on import of Pakistan cotton

India has with immediate effect has put the ban on import of cotton from Pakistan, alleging shipment to be of inferior quality, but Indian importers intend to get court stay order against the firm orders.

According to latest foreign sales figure, Indian importers have up to Jan 12 purchased about 0.280 million bales out of the total of 0.373 million bales and physical shipments to Indian ports were steadily going apace.

"The new allegations about the quality of Pakistani lint could have an adverse impact on the foreign sales to other countries " lamented a leading cotton exporter.

This sudden Indian move has not only disappointed Indian buyers who were on a buying spree in the city till recently but has also jolted Pakistan sellers of raw cotton.

KSE records highest turnover

Karachi Stock Exchange on Wednesday registered the highest turnover of 314.769 million shares in its history, says a KSE announcement.

The previous record was that of 290.059 million shares on May.25, 1999.

Another record was the highest number of trades in a single day: Wednesday (Jan 12) the market executed 50355 trades while the previous record was that of 42769 as on July 6,1999.

Pakistan to export 15,000 tons of rice to Iran

Iran has opened up its rice market for Pakistan and has signed an agreement with the Trading Corporation of Pakistan for supply of 15,000 Irri-9 rice by March next.

The agreement has been signed by the Government Trading Corporation (GTC) of Iran with the TCP Chairman Javed Ashraf who led an eight rice exporters team to Tehran last week just before Eid.

"Iran's rice requirement is for 1.2 million tons this year", Javed Ashraf informed.

He said that the agreement is for a trial order and if the supply is according to the sample and on schedule there are all the possibilities of a further increase in rice export quantity.

Exports finance 83.97pc of imports during July-Dec '99

The proportion of imports paid for by exports during the last six months declined by about 3.17 per cent, as compared to the period July-December,1998.

According to the provisional statistics released by the Federal Bureau of Statistics here on Tuesday, exports, totalling $4.1bn and 7.42% higher than the comparable period of last year, covered 83.97% of the imports ($4.88bn). In July-Dec, 1998, the ratio of imports covered by exports was 87.14%.

Nevertheless, the figures show a slight improvement in the share of manufacturing exports. In July-December, 1998, their share in total exports was 88.83%. During the last 6 months, the exports covered 88.50% of total exports. However, these exports registered a growth rate of 7.0%.

The textile manufactures totalled $2.68bn, 65.40% of total exports. During the comparable period of last year, their contribution to export receipts was 65.27%. The growth rate of these manufactures during the last six months has been 7.65%, compared to 8.93% increase during July-November, 1999. Lower growth is attributable to a decline of 3.21% during December 1999.

Of this, 18.19% was constituted by the exports of cotton yarn. According to statistics, the country exported 227,869 tons of cotton yarn, up 14.75% from the corresponding period of last year. The statistics also show that the cotton yarn was exported at lower unit rate than last year. Consequently, in dollar terms the growth rate was actually half that of the growth rate in terms of quantity.

Export contracts for 304,736 cotton bales registered

The private exporters have registered export contract for 304,736 bales of 1999-2000 crop with Export Registration Cell, Export Promotion Bureau (EPB).

Most of these contract which originated from Karachi are primarily meant for export to Indonesia, Bangladesh and India.

But the most significant factor is that a sizeable quantity of this cotton would be exported to India through Wagah border at a time when both the countries are under the grip of post hijacking fever.

According to official figures of EPB about 80,000 bales of good quality cotton is meant for export to India through Wagah border.

Export credit for software soon

The government has decided to offer "export credit" to encourage computer software exports to various countries.

Official sources said here on Saturday that the government would soon be announcing a new policy to promote information technology for which export credit would also be extended.

In this behalf sources said that the qualified experts and businessmen in the field would be given priority to seek export credit.

Pakistan was currently earning only $25 to 30 million annually through the export of computer software compared to India which was earning $7 to 8 billion. "We were told that India would start earning through the export of its software $50 billion by the year 2010", a concerned official said. He said the government wanted to offer credit facilities so that Pakistan could get at least $100 million by exporting computer software in 2000-2001.