Mar 12 -
Import of industrial inputs sags in 8 months
The import of industrial inputs declined
substantially during the first eight months of 2000-01, indicating
further slowdown in manufacturing activity.
As indicated by an analysis of Federal Bureau of
Statistics (FBS) data, petroleum group registered huge increase in
imports, thus raising their share in the import bill from 17.58% in
July-February, 1999-2000 to 31.80% in the corresponding period of this
fiscal. In dollars, the group's import surged by 36.23%.
Most intriguing is 52.76 per cent rise in crude oil
imports, puzzling observers about the justification for importing over
4.548 million tons in the face of veritable glut of petroleum fuels in
the country, and desperate efforts by the government to re-export it
to Iran. Petroleum crude accounted for 12.86% of the import bill for
the period under report. In the same period of previous year, its
share was only 7.78%.
Petroleum crude registered a drop of over 10.63%
per ton to $174.0 in February, 2001, compared to corresponding month
of previous year. In January 2001 when the prices of petroleum fuels
were raised by over 10 per cent, the cost of import was still lower
— $172.0. Even in December, it was imported at a cost lower by $10
than February 2000.
The import bill for the whole period totalled $7.16
billion — about $572 million or 8.69% more than in July-February,
1999- 2000. In local currency, however, the import bill amounted to
Rs407.16 billion, denoting an increase of 19.32%. This is attributable
to a sharp drop in the exchange value of the rupee against US dollar.
The aggregate share of industrial raw materials in
the import bill — textile group, metal group, miscellaneous group
and "Others" — stood at 22.56% in the 8-month period under
report as against 23.86% in the corresponding period of previous year.
In this group, the imports of metal group dropped
by 10.57%. However, the imports of iron and steel scrap shot up by
68.66, while those of iron & steel and aluminium (wrought &
worked) declined by 15.77% and 9.08% respectively.
Musharraf calls for 25-30% growth in exports
Chief Executive, General Pervez Musharraf, Thursday
called for a 25 to 30 per cent annual growth in Pakistan's export
target which, he said, at $10 billion at present was very small.
"Although we are sure to create a new record
in the country's export history, I am not complacent to this
achievement" he said while speaking at the inauguration of
Pakistan Hand Knotted Carpet Exhibition '2001, at Expo Centre.
"When I look to Malaysian exports of $70
billion and other Far Eastern countries with the exports of 30 to 40
billion dollars annually, Pakistan's target of $10 billion seems to be
very small", the Chief Executive said.
Pakistan, he pointed out, has all the capacity to
increase its exports.
"We have human and other resources. Why can't
we increase our exports by leap and bound", he said and added
that not by 10 to 12 per cent but at least 25 to 30 per cent every
"If we work harder, I am sure, we will be able
to achieve this task".
Seafood exports touch $100m
Country's seafood exports have witnessed a modest
growth of 8.34 per cent to $ 99.802 million during July-February
According to Export Promotion Bureau (EPB)
officials on Saturday, Pakistan has exported 56,010 metric tons of
shrimps, fish and other seafood items during the first eight months of
current fiscal year.
In February, seafood exports valued at $8.135
million. A leading seafood exporter Tahir Dada said that despite scant
landing of catch, the exports were steady.
EU's dumping duties
The bedlinen exporters have lodged protest with the
Ministry of Commerce (MoC) for not taking up the issue with WTO of
anti-dumping duty, when it was imposed three years ago by the European
The European Union (EU) on December 5, 1997, had
imposed anti-dumping duty at a varying percentage on import of
bedlinen from Pakistan, India and Egypt.
Record export of raw cotton expected
Raw cotton exports are expected to establish a new
record during the current season ending August 31, 2001, as the
private sector exporters have physically shipped over half a million
bales by the end of February.
"Both, a bumper crop for the second
consecutive year of over 10 million bales and strong foreign demand
have made it possible for us to become market leaders in South Asia
and Far East," claimed a leading exporter.
Manufactured goods export down
The exports of manufactured goods declined to 86.77
per cent of total exports, during the first seven months of current
financial year as compared to 87.30 per cent during the corresponding
period of previous year, an analysis of the latest foreign trade
This was mainly due to slower improvement in
textile manufactured exports, which increased by only 3.32 per cent
during the period July-February 2000-01. As a result, their share in
total exports slid to 62.40 per cent. During the same period of
1999-00, they have contributed 62.60 per cent to the overall exports
figure, which stood at $5.98 billion. This shows a growth of 8.61 per
cent over the corresponding period previous year.
Kenyan team visits KEPZ
The leader of the visiting Kenya tea delegation
Samuel K. Arap Ng'eny has shown his interest in setting up a business
venture in the Karachi Export Processing Zone (KEPZ).
During the visit to KEPZA on Wednesday, the
five-member tea delegation from Kenya accompanied by Hanif Janoo,
Honorary Consul General of Kenya said that the objective of their
visit was to see the procedure of handling of import/ export
commodities in the zone.