Sep 11 -
target for 2010 at $30bn
A high level meeting was informed here on Friday that
the government has tentatively fixed 30 billion dollar exports target
Official sources told Dawn that minister for
commerce, Industries and Production Razak Dawood chaired a meeting with
the country's leading exporters, industrialists and businessmen and told
them the government has proposed 30 billion dollar export target for
He said that policies to be implemented in the next
three years will set the pace for achieving a formidable 30 billion
dollar export target in 2010.
He said besides textile two more sectors were being
explored for additional 5 billion dollar exports. Sources said he
informed the exporters that agro based industries, chemical, petrol
chemical and engineers sectors had a great potential for increasing
exports. He said any of the two sectors, out of four will be chosen for
additional 5 billion dollar exports. Sources said the meeting also
approved the establishment of "Export Houses" outside Pakistan
for which procedure will be simplified. In this regard the meeting was
told that Jordan and Croatia have offered port facilities to Pakistan to
set up warehouses. The meeting was told that Pakistan could increase its
exports to Europe by having port facilities in Croatia rather than
Barcelona from were Pakistan was currently sending its good to various
European countries. The meeting also decided "not" to offer
concessions and tariff incentives to free trade industrial zones in
Pakistan. "It creates disparity and hurts the interests of other
industries set up elsewhere", said a participant of the meeting.
Import duty rates revised
The federal government has revised import duty rates
on scores of items to protect the local textile, plastic, electric,
steel and other industries.
The revision in duty rates, announced through a
presidential ordinance issued on Thursday, has been joint
recommendations of the ministry of finance, commerce, industries,
Central Board of Revenue, National Tariff Commission and Engineering
The duty on pearl quality caustic soda has been
increased from 10% to 35%. Duty on electric fan capacitors has also been
increased from zero to 35% Rates on these items had been made after
presentations given by manufacturing sectors.
Duty on crude oil and palm kernel oil has been
reduced from 35% to 10%, on caustic soda, caustic potash, peroxides of
sodium or potassium (solid) it has been increased to the maximum tariff
rate of 35%.
Trade deficit at $313m
External trade deficit amounting to $313 million has
been recorded in the first two months of the financial year 2000-2001,
say figures obtained from the ministry of commerce on Thursday.
Trade deficit in these two months was $375 million
last year, thus reflecting $62 million decrease. These figures, however,
reflect that a record 23.5% increase has been recorded in the second
month of the current financial year. Imports have increased by 17 per
cent. Pakistan exported goods worth $790 million while exports in August
last year valued $639 million. Imports in August 2000 valued $ 970.5
million while imports in August 1999 valued $827 million.
In August 2000, the trade deficit was of $186
million. In the first two months of the current financial year
(July-August), the exports valued $1458.7 million while last year in the
same two months exports from Pakistan valued $1240.9 million.
15pc ST on cement
The federal government, on Tuesday, decided to levy
15 per cent sales tax on cement and reduce central excise duty from
Rs1400 per ton to Rs1000 per ton.
$423,780 orders received at ISPO
Pakistan won export orders worth $423,780 at the ISPO
Fair held in August at Munich, EPB sources said on Monday.
The sources said 21 Pakistani companies participating
in the fair exhibited wide range of sports goods and fashion items. Some
of the items displayed were latest collection of footballs, boxing and
biking gloves, sports jackets and other garments.
TCP to import black gram
The federal government has approved the import of
black gram by the Trading Corporation of Pakistan (TCP) after reports
indicating serious shortage of the commodity. The TCP is likely to
import nearly 100,000 tons of black gram from Australia.
Official sources told on Monday the decision to
import the black gram had been taken to avoid its shortage during
Pak Libya, EPB venture
Union International (pvt) Ltd. a wholly owned
subsidiary of Pak-Libya Holding Co, intends to join hands with the
Export Promotion Bureau (EPB) to further explore the Libyan and
neighbouring African markets for Pakistan-based exports.
Union International has started its trading operation
in Libya by opening letters of credit for a consignment in the textile
Export 5 of 10 raw materials okayed
The ministry of commerce has initially approved a
list of ten raw materials which can be exported from Export Processing
Zones (EPZs) to tariff areas of the country.
For facilitating trade and industry, the government
in the Trade Policy for year 2000, has already allowed warehousing
facility in the EPZs. It has also granted permission for export of such
goods from these zones to tariff areas.
Lint prices remain relatively weak
Lint cotton prices on Wednesday remained relatively
weak as larger arrivals of phutti into the lower Sindh ginneries
continued to inspire fresh selling from the ginners.
An idea of hasty ginner selling may well be had from
the fact that prices started declining from the day's peak level of
Rs1,960.00 depending, of course, on quality from the morning trading to
Rs1,860.00 per maund in the evening.
"A difference of Rs90.00 per maund over the day
is a big one judged by any standard and signals that all is not well on
the cotton front despite lower arrivals of phutti into the
ginneries," brokers say.
The interesting thing is that phutti prices are
fairly steady as growers are selling it between Rs780.00 to 800.00 per
40 kg but ginners appear to be in a bit haste.