Oct 09 -
$221m LCs for refined sugar
Importers have opened letters of credits (LCs) worth $221
million up to Sept 15, for the import of 842,659 metric tons refined sugar,
banking sources told.
On the other hand, LCs worth $14 million have been opened up
to Oct 2, for import of 56,300mt of raw sugar for refining into white sugar,
sources further said.
But people associated with this trade have other views. Sugar
trade sources said that the importers have cancelled LCs of around
100,000-125,000mt (refined sugar) owing to rising cost in international markets.
Likewise, a spokesman of Pakistan Sugar Mills Association (PSMA)
said that around 10-12 millers of Sindh and Punjab have opened LCs for the
import of 60,000mt raw sugar mainly from Brazil.
He said the shipment is likely to arrive in November or
December. He did not mention as to which rate the commodity will arrive. The
import of raw sugar will save foreign exchange spending by $50-60 less per
metric ton of raw sugar imports due to difference in prices of raw and refined
Importers said around 500,000mt refined sugar have already
arrived in the country. They added out of six ships, carrying around
70,000-80,000mt, five ships have already arrived at the Karachi Port, unloading
the commodity while another ship is due on October 8.
Frequent arrivals of imported sugar, however, failed to lower
its prices, which, still selling at Rs27-28 per kg at the retail level.
The landed cost of Thai and Chinese sugar now ranges between
Rs25.50-26.50 per kg and according to importers they are selling the products at
Rs24.50 and Rs26 per kg keeping in view the market conditions.
On the other side, millers and the government have failed to
fix a specific date for the start of cane crushing despite several meetings.
Fruit exports rise by three fold
Fruits exports have increased to Rs4.1 billion in 1999-2000
from Rs1.5 billion in 1995-96, according to agriculture ministry.
The information has been provided by the ministry to Federal
Export Promotion Board (FEPB) which is meeting on Monday, with the chief
executive, Gen Pervez Musharraf in the chair, to review production and export of
fruits, vegetables and condiments.
The agriculture ministry has also submitted a plan to
increase the export of non-traditional fruits like figs, cherry, apricot,
particularly from Northern areas.
Agriculture Minister Dr Shafqat Ali Shah will brief the board
regarding the production and export of fruits and vegetables.
The ministry has informed that the major contribution in
fruit exports during five year period was of dry dates followed by citrus and
mangoes. Fruits are grown on an area of 0.640 million hectares, which is 3 per
cent of the total cultivated area of 21.87 million hectares. The area under
fruits has doubled during the last 20 years.
Indonesia to buy 5 lakh bales of cotton
Indonesian trade delegation, headed by Minardje Halim, has
shown its keenness to buy about 5 lakh bales of Pakistani cotton, provided it
was "uncontaminated" and of good quality.
Indonesian trade delegation, accompanied by ambassador Jack
Said Gaffar, on Tuesday visited a number of ginning factories and cotton fields,
on a buying mission and may become permanent buyer of Pakistani cotton.
Halim, who had a meeting with the chairman of Pakistan cotton
ginners association (PCGA) and president, Multan chambers of commerce and
industry (MCCI), Khawaja Mohammed Yousuf, later said Indonesia had stored 8
million spindles and was exporting about $8 billion textile products.
The delegation intends to buy cotton directly from ginners
instead going to TCP. The delegation was ready to pay according to international
Cameroon is a potential rice market
African rice importing countries have adequate potential to
absorb surplus Pakistani rice, Honorary Consul, Cameroon Consulate in Pakistan
S.A. Bari Jelani said Wednesday.
He said Cameroon importers have recently purchased a sizeable
quantity of Pakistani rice and there is still a large untapped market in
Cameroon for rice.
He suggested that the rice exporters should form a delegation
and through Export Promotion Bureau, they should visit the African rice
importing countries to explore the new markets for Pakistani rice. He also
offered his assistance in formation of a delegation and their contacts/meetings
with Cameroon importers.
HEB to be set up
Horticultural Export Board (HEB) will be set up having
representation from public and private sector to boost export of horticulture
products. The decision was taken at a meeting of the EPB held under the
chairmanship of the chief executive Gen Pervez Musharraf on Monday.
Pakistan to boost trade ties with Kazakhstan
Pakistan and Kazakhastan have agreed to sign a five-year-long
term agreement to undertake mutual steps for the development of agriculture,
trade, economic, science- technical and cultural ties.
Officials told on Monday that under the proposed arrangements
to be given a formal shape shortly, both the countries shall promote long-term
cooperation in the field of industrial production, trade, telecommunication and
agriculture production in particular to establish new and direct economic links
between the enterprises.
The agreement will be initially signed for next five years
and could be renewable if both the parties agree to do so.
Business invitation for Jakarta Fair
Indonesian ambassador, Jack Said Gaffar, has invited
Pakistani business community to "Jakarta Trade Fair", scheduled be
held in Indonesia from October 18 to 22.
Speaking at Sialkot chamber of commerce and industry, he said
the participation in forthcoming trade fair will be helpful in further
strengthening the trade relations and provide an opportunity for understanding
market trends as well as bringing closer the businessmen, he said.