Nov 19 - 25, 2001
Vast potential exists to enhance engg goods export
Vast potential exists to increase the exports of
engineering goods from Pakistan to $250 to $300 million in next three
to four years.
This was stated by the Chairman, Export Promotion
Bureau (EPB), Tariq Ikram while speaking at the conclusion of two-day
national conference on "Engineering Industry" organized by
Resource Development Fund and Institute of Banking Finance and
Industry on Wednesday.
He said the EPB was focusing on enhancing the
exports of engineering goods under its ten-product promotion strategy
which also includes fisheries, computer software, fruits and
Ikram said the auto parts exports had risen from
$10 million to $25 million in three years, and now the EPB was
endeavouring to increase it to $ 100 million in near future.
He pointed out that EPB was closely working with
the engineering industry to improve the quality and export of
autoparts. He said enormous potential existed for the exports of
Pakistani electric fans which were better in quality than those of
many countries in the region, and that the UK was willing to buy these
He said various engineering goods including
electric motors and pumps and electric fans had been exported to Iraq,
and exporters were now moving to other countries like Australia and
Ikram suggested exporters to be more
quality-conscious of exportable engineering goods and make proper
costing of products before their exports.
He invited exporters to avail the facility of
"product upgradation fund" for improving the quality of
their products. He said the government will share 50 per cent of the
cost of product upgradation while the exporters will bear the rest.
He also called for a greater collaboration between
the exporters, EPB and engineering universities for developing
indigenous machinery and techniques to improve quality of exports.
Oil imports decline
Oil imports have declined by 23.50 per cent during
first four months (July-October 2001) to $1.004 billion against $1.312
million during the same period last year.
Figures compiled by Federal Bureau of Statistics (FBS)
suggest that in terms of value, import of petroleum products declined
by 36 per cent to $521 million during four months of current year
against $818 million last year. Similarly, the import of crude oil
declined by 2.45 per cent during the first four months of current year
and stood at $482 million against $494 million during the same period
Interestingly, the quantity of the import of
petroleum products increased by around 21 per cent, and stood at 33
million tons against 45 million tons last year despite the fact that
domestic refineries were running at 70 per cent capacity.
Import of textile machinery on rise
Investors are active in textile, construction and
mining sectors as amply indicated by the official trade figures of
last four months.
These figures show that the import of textile,
construction and mining machinery and equipment has risen
considerably. Also showing marked rise in import are steel scrap a
vital input of construction industry.
Textile machinery and equipment import has
increased by more than 47 per cent in dollar terms and about 70 per
cent in rupee value during last four months indicating that
restructuring, revamping and modernization of the industry is going on
a fast track.
Official figures reveal that total import of
textile machinery and equipment during July to October this year was
worth over $159 million or more than Rs10 billion. In same period last
year textile machinery import stood at $108.14 million or Rs5.97
Portugal and Spain oppose EU package
Portugal and Spain on Saturday again objected to
recent European Commission plans to increase textile and clothing
imports from Pakistan.
Both countries told reporters they were worried
that the proposals by European Union trade chief Pascal Lamy would
create a precedent for other Asian nations including India and hurt
their domestic textile interests.
WTO agrees to tariff-slashing negotiations
The World Trade Organisation agreed late Wednesday
to new global tariff-slashing talks after India finally lifted an
eleventh-hour opposition to the negotiations expected to start next
Pakistan said yes to the pact which experts say is
needed to boost flagging world economic growth. But Pakistani
officials said it was important that future negotiations reflected the
Belgium wants more trade with Pakistan
Trade officer of Belgium in Islamabad Abid Hussain
on Tuesday said that there were bright opportunities of setting up
joint ventures between Belgium and Pakistan in different track fields.
This was stated by him, while addressing a joint
meeting of local traders, industrialists and exporters at the Sialkot
Chamber of Commerce and Industry (SCCI) after visiting the various
industrial units in Daska, Sambrial and Sialkot city.
The trade officer offered some direct trade
relations to the Sialkot business community for enhancing mutual trade
and exports. He said adequate efforts would be made for the
establishment of joint ventures between the two countries.
Import under ATT up by 42.85pc
The import value of Afghan Transit Trade (ATT) has
increased by 42.85 per cent in September of the current financial, and
stood at Rs1.2 billion against Rs0.84 billion over the corresponding
month of the last year.
Official figures released by the Central Board of
Revenue (CBR) on Monday, showed that during the first quarter of
current financial year the import value of ATT rose to Rs3 billion
from Rs2.82 billion over the corresponding months of last year,
registering an increase of 6.38 per cent.