Dec 03 - 09, 2001
TCP receives 16 bids for 10,000 bales of cotton
The Trading Corporation of Pakistan (TCP) has
received 16 bids against its season's second tender for export of
10,000 bales of cotton, official sources said.
Contrary to low price quoted in the previous offer
of equal quantity of cotton for export sale, the TCP on Wednesday
received better price with the highest at 36.06 cents per lb.
The sources said Italian company - Indutech - has
made a bid for purchase of 5,000 bales at 36.06 cents per lb. The same
company has also made a bid for purchase of another 5,000 bales at
35.56 cents per lb.
The offers will be evaluated by the Price
Evaluation Committee of TCP and its decision will be known on Friday,
the sources said.
The price committee normally takes into
consideration such factors, which become the basis for determining
cotton price in the world market.
Consequently, the price committee will take into
account the current price at New York cotton futures, the purchase
price of TCP and the price level of similar deals made by other
The TCP on Nov 21, 2001, invited bids for export
sale of 10,000 bales of cotton grade box-III staple length
1-1/16" of 2001-2002 crop.
The corporation has so far entered into purchase
contracts for over 218,300 bales from Sindh and Punjab out of which
115,100 bales have already arrived in TCP's godowns at Karachi.
Others who participated in Wednesday's bids were
Rally Bros of UK, Bering of Hong Kong, ECOM Agro Industrial
Cooperation of Switzerland, First Texas Trading Co, Texas, Loades
Trading In-Cooperation of UK, Allen Berg of US, L-Trfyfuf, Paul &
Rein Sart of Switzerland and Meryon Trading Corporation. However,
there is strong resentment in the textile industry against export
sales being made by the TCP.
The All Pakistan Textile Mills Association (Aptma)
has been opposing such sales alleging that the government was in a way
subsidizing its overseas competitors by offering cheap cotton.
Exports from Multan dry port rise
Deputy Collector Customs, Sales Tax and Excise,
Headquarters, Abdullah Maalik, on Thursday said that exports from
Multan Dryport had gone up to Rs3 billion during the current fiscal.
He said that imports worth Rs569 million were
handled by the port during this period and Rs46 million were deposited
with the exchequer as export surcharge and customs duty etc.
The deputy collector said that during the current
fiscal 2,772 containers were handled at the dryport, adding in the
last FY2000-2001, the Multan Dryport handled exports and imports worth
Rs9 billion, providing a revenue of Rs190m to the government through
export surcharge and customs duty.
Exporters get Irri-6 orders
Pakistan's rice trade was weak on low export demand
during the past week, but the market may pick up as Sri Lankan buyers
show interest in Irri-6 variety, traders said on Monday.
"The market is likely to wake up in the coming
weeks as Sri Lankan buyers are placing orders for Irri-6 variety of
rice," said Khalid Ghori, an exporter in Karachi. He said
exporters had received orders for 25,000 tons of Irri-6 rice from Sri
Lanka, while crop arrivals from Sindh were likely to weigh on domestic
prices and help exporters quote a more competitive price.
"We are expecting the new crop arrivals to
pick up in December and then the market to slide down," Ghori
said. Ghori said fresh arrivals from Punjab would start in December
and after that low domestic prices could help exports.
PSO awards HSFO supply contracts
Pakistan State Oil (PSO) has awarded contracts for
supply of 2.3 million tons of high sulphur fuel oil (HSFO) for 2002 to
The contract has been split among three parties
with a view to avoiding reliance on a single party and encourage more
suppliers, PSO said in a statement.
Bakri International Energy Limited of Saudi Arabia
got 50 per cent supply order while Hascombe Limited of London and Fal
Oil Company of Sharjah secured 25 per cent each of the total shipment.
Bright chances existed for increasing onion exports
this year as the country has reaped a good crop in Sindh and Balochistan.
President Fruits and Vegetable Processor and
Exporters Association (FVPEA) Mateen Siddiqui said that onion was in
surplus in both these provinces and was being shipped to Malaysia,
Colombo and Dubai.
Palm oil imports may reach 220,000 tons
Pakistan's palm oil imports may reach 220,000 tons
a month over the next few months because of the prospect of exports to
neighbouring Afghanistan and a reduced cottonseed oil crop, traders
said on Monday.
Pakistan normally buys 80,000 tons of palm oil a
month from the world's largest producers, Malaysia and Indonesia.
"We expect strong demand to continue until
March. When things are settling down, Pakistan will be exporting a lot
of oil to Afghanistan," said one trader in Malaysia. "About
70 per cent of the oil shipped to Pakistan will come from Malaysia and
I expect imports to reach 220,000 tons in November and December
each," he added.
EU agrees to cut tariffs, raise textile quotas
The European Union and Pakistan government signed
an agreement on Saturday to reinforce political cooperation. The two
sides also signed a memorandum of understanding (MoU) for preferential
trade package, envisaging a reduction in tariffs and increase in
Pakistan's textile quotas.
"The European Union and Pakistan warmly
welcome the signature of a cooperation agreement that will
substantially contribute to strengthening their relationship,"
said a joint statement issued after meeting of President Gen Pervez
Musharraf with Belgian Prime Minister and European Union President Guy
Verhofstadt and European Commission President Romano Prodi.
Textile exports worth $10 million are stuck up in
America because of the US Customs refusal to accept 'overshipments'
allowed by Pakistan authorities.