13 -19, 2002
TEXTILE EXPORTS UP IN 10 MONTHS
Exports of textile manufactures increased by a
marginal 0.57 per cent in terms of dollars during the period
July-April (2001-02) over the corresponding period previous year,
according to foreign trade data released by the Federal Bureau of
Statistics (FBS) on Thursday.
In Pakistani currency, the exports figure showed a
rise of 7.84 per cent, thanks to the depreciation of rupee below the
The increase was not, however, reflected in overall
performance of exports sector. Totalling $7.32 billion, the exports
dropped by 1.78 per cent in dollars. In rupees, however, these showed
5.21 per cent increase.
A significant headway was discernible in the
exports of value- added textile products. These included bedwear,
towels, tents etc., readymade garments, madeup articles and cotton
cloth. Their exports surged, respectively, by 24.53%, 10.85%, 7.05%,
6.41% and 3.92%.
Nevertheless, quantitatively the exports of some of
these commodities were even more impressive 25.79% (bedwear), 16.75%
(towels), 22.74% (readymade garments) and 12.19% (cotton cloth).
The only items that stand for significant increase
in its unit value was tents, canvas and tarpaulin. While in quantity
its export showed an increase of 6.89%, the value it fetched in
dollars was 7.05% higher than in the same period of 2000-01.
Prominent among the textile products that showed a
negative trend was cotton yarn. The amount of cotton yarn exported
during the period under review was 439,073 tons, down 0.42% from
previous year. In terms of value, it slipped by 12.03%, denoting a
drastic drop in its unit price.
EXPORTS TO US FALL SLIGHTLY IN JULY-FEB
Pakistan has seen a slight fall in its exports to
the US in the first eight months of this fiscal year and business
leaders fear further fall in the remaining part of the fiscal year.
But they are sure the exports to the US will not miss the historical
$2 billion mark.
Export Promotion Bureau statistics show that
exports to the US fell to $1.424 billion in July-February 2001-02 down
$46 million from $1.470 billion in July-February 2000-01. For many
this fall is lesser than what they were anticipating in the wake of
September 11 terror attacks on the US. Foreign buyers including those
from the US have temporarily suspended imports from Pakistan after
September 11, 2001 incident and the US-led war against Afghanistan.
The US customs authorities have also tightened
screening of Pakistani exports at the US ports. But, as the statistics
suggest, all this had no big impact on Pakistan's exports to the US in
the first eight months of this fiscal year.
TRADE DEFICIT NARROWS
Trade deficit during the first 10 months of current
financial year slid to $921.31 million, that is, $481.53 million less
than during the corresponding period of previous year.
According to the preliminary figures available from
the Federal Bureau of Statistics Monday, the 34.33 per cent drop in
deficit was despite 1.78 per cent decrease in exports. But then the
imports too plummeted sharply by 6.93 per cent, hence the substantial
improvement in balance of trade.
The value of merchandise exports scored by Pakistan
during the period July-April (2001-02) totalled $7.32 billion, while
the imports stood at $8.24 billion.
PAKISTAN MAY BUY 100,000 TONS PALM OIL
Malaysian palm oil futures firmed at the close on
Thursday, helped by technical buying and strong gains on the physical
market, traders said.
The benchmark third-month July futures closed 15
ringgit higher at 1,237 ringgit ($325.53) a ton after trading as high
as 1,249 ringgit, just below key resistance of 1,253 ringgit. Volume
was very heavy at 3,245 lots, up from Wednesday's 1,995 lots.
In Pakistan, traders said the country could buy
more than 100,000 tons of palm oil in May, up from the monthly 80,000
tons in order to replenish the dwindling stocks.
POOR QUALITY JEOPARDIZES EXPORTS TO OMAN
Oman Chamber of Commerce and Industry (OCCI)
President Abdullah Rowas has blamed a few of the Pakistani businessmen
for supplying poor quality rice, shoes and some other items to Omani
importers, who are now reluctant to place fresh orders with Pakistani
LAND ROUTE EXPORT ALLOWED
The Central Board of Revenue has further amended
the Customs Rules 2001, allowing exports to all countries, including
Afghanistan and through Afghanistan to Central Asian Republics (CARs)
by land route.
A notification in this respect was issued on
Thursday, which will be effective from March 7, 2002.
RS59.17BN PAID TO EXPORTERS
The Central Board of Revenue has paid Rs59.17
billion refund/rebate to exporters during the July- April period of
the current financial year against Rs42.6 billion it paid during the
same period last year, showing an increase of 38.89 per cent.
And the tax authorities paid Rs4.8 billion to
exporters during April this year against Rs5 billion it paid during
the same month last year, showing a decrease of four per cent.
DUTY EXEMPTIONS, RD TO GO
The government has decided to do away with all
time-bound exemptions and regulatory import duties without further
extension. Official sources told that around five customs time bound
notifications to be deleted in the budget 2002.
HIGH COUNT YARN
Commerce Minister Abdul Razak Dawood hinted on
Friday that the government would allow import of high count yarn at
lower duty rates to facilitate value-added textile industry to produce
high quality products.
Speaking at a dinner hosted by the Pakistan Hosiery
Manufacturers Association, at PHMA House, the minister said import of
good quality and high count yarn will help the garment and other
ancillary industry to produce fancy and special made-ups.