Oct 16 -
Manufactured goods export surges by 12.3%
Manufactured goods exports surged 12.30%
contributing to an impressive 14.51% increase in overall exports
during the first three months of the current financial year.
These accounted for 87.86% of the total exports
figure which stood at $2.22bn during the period. However, in the
period July-Sept, '99, their contribution to exports figure was higher
— 89.59%, an analysis of the foreign trade data for the month of
Sept, 2000, shows. The contribution of textile manufactures ($1.41bn)
to the overall manufactured exports in the last three months stood at
72.15% — about four percentage points less than in the comparable
period of last year.
The year has been marked by a tendency to export
maximum cotton yarn. The export of this negative value-added item went
up by 9.74% over the corresponding period of last year. The ratio of
cotton yarn exports to the textile manufactures exports was 18.42%
compared to 17.84% last year.
The price fetched by cotton yarn from the foreign
markets, according to further analysis of figures, was $2003.4 per
metric ton, as compared to $2199.0 per ton in July-Sept, '99.
Other major items with sizable share in exports and
comparatively high value-addition, which registered a positive growth
in the three-month period under review, were in dollars: knitwear
(14.19%), towels (66.92%), readymade garments (15.22%), synthetic
textile fabrics (23.29%) and other textile madeup (4.84%). However,
quantitatively their growth was even higher. Among the other textile
manufactures which showed negative trend in exports were cotton
fabrics which have a substantial share in textile manufactured exports
amounting to about $250m, that is, second only to cotton yarn. Their
exports in the last three months dropped 11.49% in dollar terms, in
spite of 3.49% rise in the quantity exported. This means that the
decline was due to decrease in unit price.
'Exports show upward trend'
Exports in the current month recorded an increase
of 13.5% compared to the corresponding period in the last financial
year, said the minister of state and chairman Export Promotion Bureau
(EPB) Tariq Ikram on Wednesday.
"An 11% increase was recorded in exports in
July as compared to the corresponding period of the last year whereas
in the months of August and September the increase was up to 25% and
10%, compared to the last year," said Tariq while addressing at
the inaugural ceremony of the 7th Pakistan Gems and Mineral Show.
Though so far exports show an upward trend, the
figures are still behind the monthly target of $10 bn benchmark
Islamabad has set for the 00-01 year, he added.
Trade deficit at $508m
Pakistan suffered a trade deficit of $508.66m in
the first quarter of 00-01, crossing after a long time the
half-billion dollar barrier and outstripping the already high deficit
of corresponding period of last year by 4.51%.
According to the foreign trade data for the month
of September, deficit in July-Sept, constituted 22.88% of total
exports. This is slightly better than during the comparable period of
'99, when the ratio of deficit to exports was over 25%.
The month of September, registered a startling
increase of over 67% in trade deficit, as compared to September, '99.
Within the month of September, the trade deficit stood at $185.83m.
However, when compared with August, the trade gap
narrowed by 2.38%.
Further analysis of the deficit shows that in each
month, the country has undergone on average a deficit of about $170m
in the current year so far.
Import of diesel to be deregulated
Pakistan intends to free diesel imports from
government control early next year. Sources in oil industries told
that only imports of diesel is being deregulated in the first phase
followed by price deregulation in the second phase. "The prices
will remain in control of the ministry of petroleum and natural
resources," the source said adding it is not known when the
government will touch the price issue.
Diesel is the second petroleum product to be freed
from the state control as the government had already deregulated
furnace oil in July.
Cotton prices go up by Rs60
Cotton prices on Thursday rose further by Rs60.00
per maund followed strong mill demand triggered by some negative
reports about the size of the new crop.
"The rumours about a short crop appear to be
originating from some vested interests and may have no relevance to
the objective conditions in the fields", said a leading floor
Conflicting interest do circulate different rumours
to create doubts in the minds of those associated with the cotton
trade and in a way to push prices further higher, he said.
RSFs import allowed
The textile industry has been allowed to import
ring spinning frames and has regularized all consignments of RSFs made
from July 1, 2000.
The import of RSFs up to 516 spindles for cotton,
synthetic fibres and their blends was earlier not allowed as it was
produced by the Pakistan Machine Tool Factory. The PMTF had got it
notified as a locally manufactured machinery item under the Customs
General Order No 7 of '98, dated March 24, '98. The RSFs were, on Aug
3, 1998, de-notified as an LMM through CGO 14/98, but was later got
re-inducted into the CGO 7/98, through an unknown order of the
Wheat export to yield $150m
Federal minister for agriculture and livestock,
Shafqat Shah Jamote has said that Pakistan will earn $150 million from
wheat exports this year.
Addressing the members of Overseas Investors
Chamber of commerce and Industry (OICCI) here Tuesday, he pointed out
that agriculture sector has witnessed a growth of 5 percent and hoped
that this momentum will be maintained.
He said this sector contributes 80 % of the exports directly or