economy is feared to face a loss of $2 to $3 billion as a result of
the current situation that is the sequel to Sept.11 events in
Washington and New York. It is however too early to calculate losses
unless the war comes to an end in Afghanistan. If the situation
continues to persist the size of the loss could be much more as has
been revised by the government of Pakistan. All leading players in the
export sector have registered a sharp decline. The trend of
cancellation of export orders is yet another sign of warning about
further drop in Pakistan's export. Contrary to this early setback, the
Ministry of Finance, Commerce and the Export Promotion Bureau has
surprisingly claimed that the export target for the current fiscal may
not be revised downward.
Seafood exporters of
Pakistan are bracing themselves for a bad year due to trickle of
orders in all the major markets — the US, the EU and Japan. On the
one hand they are pressurized by the importers to reduce their prices
due to what they say 'a sharp decrease' in demand in their respective
markets and on the other they are facing a stiff resistance from the
local fishermen to keep getting the premium price. That further
worsens an already bad situation.
half yearly accounts of the Company indicates lack of good governance.
If the mounting losses are not arrested the Company may not be able to
discharge its contractual obligations. The SECP must look into the
affairs before it is too late.