Aug 13 -
19 , 2001
Petroleum import bill declines by 14 per cent
Pakistan's petroleum import bill during July 2001
amounted to $249 million but declined by about 14 per cent against
same month last year. Although the reduction in petroleum import
helped in containing trade deficit at $103 million yet it had largest
— 32 per cent — share in the total $786 million import bill of
July this year.
Advance data released by Federal Bureau of
Statistics showed that reduction in oil imports was mainly because of
lower international oil prices. The import of petroleum products
during July this year stood at 683,000 tons against 939,000 tons same
month last year, showing a decline of 37 per cent.
The import of crude oil on the other hand increased
by almost an equivalent size of 35 per cent to 682,000 tons during
July 2001 against 478,000 tons same month last year. Against this
situation, Pakistan was able to export 112,000 tons petroleum products
worth $23 million. The export bill was around 746 per cent higher than
$2.6 million oil exports same month last year. Petroleum exports in
July were also 37 per cent higher than $16 million during the previous
In dollar terms the overall exports in July
decreased by 28.23 per cent when compared with preceding month of June
last year but increased by 2.14 per cent against July of last year. In
rupee terms exports decreased by 27.45 per cent over June 2001, but
increased by 24.68 per cent over July of last year.
Exports of textile manufactures during July 2001
had the largest share of $425 million in the total exports of $683
million, although these were lower by 6.4 per cent compared with $454
million same month last year. Separately, raw cotton exports stood at
$909,000 against $7.5 million in July last year showing a fall of 88
per cent. Rice exports also registered a nominal decline of 1.5 per
cent to $33.279 million.
Carpet exports registered a negative growth of 40
per cent at $22.6 million. Similarly, exports of cutlery, surgical
goods, leather and chemicals declined by 57 per cent, 41 per cent, 33
per cent and 26 per cent respectively.
July export up by 2.1pc
Exports in July decreased by 23.6 per cent to
$682.9 million when compared with $883.7 million of the previous month
(June 2001), provisional trade figures for July said. However, exports
during July showed a nominal increase of 2.1 per cent against $668.8
million of July last year.
Similarly, the imports during first month of the
current fiscal (July-2001) have amounted to $785.9 million against
$801.2 million last year showing a decrease of 1.8 per cent. The
imports in July this year also decreased by 8.7 per cent when compared
with $861.2 million of June 2001.
In this way, the trade deficit during first month
(July- 2001) of the current fiscal amounted to $103.3 million against
$132.4 million of the same period last year showing an improvement of
22 per cent. Full year export has been set at $10.1 billion, import
target at $11 billion and trade deficit target at $900 million.
Rice export will increase to 3m tons
Rice exporters on Tuesday assured the federal
government and farmers that they would increase rice export to three
million tons against 2.4 million tons exported last year.
"This should go as a clear cut message to the
farmers that they must grow as much paddy as possible, and there would
be no problem in its export." This was stated by Minister for
Commerce and Industries, Abdul Razak Dawood at a news conference after
meeting with rice exporters on Tuesday.
The minister also announced Rs200 and Rs75 per
maund additional premium for producing contamination-free and low
contaminated cotton qualities respectively to get better export price.
WEXNET fair from 22nd
Foreign diplomats will be invited to visit 'WEXNET
2001', the first exhibition of value-added merchandise produced by
women entrepreneurs at Expo Centre starting from August 22.
Export Promotion Bureau (EPB) is organizing this
exhibition where about 60 selected women entrepreneurs from Sindh and
Balochistan will display their products.
Last vessel carrying wheat leaves for Iraq
The third and the last vessel, carrying 31,565 tons
of wheat for Iraq, left early on Tuesday to complete the shipment of
contracted quantity of 100,000 tons within 90 days of opening of
letter of credit, TCP sources said.
"With the completion of the haulage of 100,000
tons of wheat contracted early this year by the Iraqi Grain Board,
Pakistan has emerged successful on the world wheat export map for the
first time in its history," a senior official of the TCP said.
Palm oil market bullish
Palm oil market stayed bullish over the past week
amid high world prices as well as local demand and dealers said on
Tuesday that firm international trends would keep it stable in coming
"Reports about low output in Malaysia coupled
with low domestic stocks prompted buying interest," said Pervez
Aminuddin, a dealer in Karachi.
Jordan offers incentives
Pakistan textile industries can boost textile
exports to $10 billion a year by availing the attractive package being
Jordan's free trade zones which allow restriction
free textile exports to all developed countries particularly the
This was stated by Mohammad Farrukh Qaisar,
honorary consul general of Jordan at a reception hosted for Haleem
Salfety, director general, Free Trade Zones, Qualified Industrial
Zones (QIZs), Jordan here on Tuesday.
This is in reference to the news item in the issue
of 6-12 August 2001, "Iran to Import Motor Spirit," in which
it is implied that Iran has agreed to import, Pakistani refined motor
spirit, provided it meets Tehran's specifications.
"It needs to be put on record that Pakistan,
through PARCO, has already exported Motor Gasoline at premium prices
obtained through international competitive tendering. Todate, over
83,000 tons of 90 RON unleaded Gasoline enjoying a most encouraging
premium has been exported to Middle Eastern countries and beyond. It
should also be noted that already foreign exchange has been earned for
the country, while exports are continuing and are projected to exceed
90,000 tons in the current quarter.