08 - 14, 2002
2M TONS WHEAT MAY BE EXPORTED THIS FISCAL
Pakistan may be in a position to export two million
tons of wheat in 2002-03 out of huge carryover stock of 3.7 million
tons from the previous year.
During the wheat year (May to May) 2001-02, the
total quantity of wheat exported by Pakistan could not go beyond
5,65,000 tons — almost half of the quantity projected by the
Government. Most of these exports went to Middle East and Afghanistan.
The wheat exported to Afghanistan, a source in the
Ministry of Food & Agriculture (MINFAL) told on Tuesday, was in
fact purchased by the World Food Programme for distribution in that
The carry over stock of 3.7 million tons includes
one million tons of strategic reserves. Pakistan thus has a surplus of
around 2.7 million tons. Official quarters hope to export 2 million
Accordingly, the government has offered generous
incentives to exporters in the form of export rebate. The minimum
export price fixed by the government is Rs8,250 per ton. The exporters
will qualify for export rebate at the rate of Rs3,200 per ton.
According to the provisional estimates, the output
of wheat this year will be 18.47 million tons as against the target of
20 million tons. Experts attribute the shortfall to a variety of
factors — decline in acreage from 81,80,900 hectares in 2000-01 to
79,83,500 hectares in the current harvest, reduction in irrigation
water, increase in cost of inputs, etc.
Fewer hectares devoted to wheat, they pointed out,
were the farmer's response to the low prices — ranging from Rs240 to
Rs260 per 40 kg at which they had to dispose of their product in
In that year, the government had imposed
restrictions on inter-district movement of wheat, thus dissociating
itself from its own commitment implicit in the minimum support of
Rs300 per 40 kg fixed by it. The commission agents and other traders,
taking undue advantage of the situation, paid dismally low prices.
SIALKOT BUSINESS MAY HAVE DIRECT TRADE WITH CHINA
China has offered to lease out 450 shops and
offices in Shuang, an international World Trade Centre in Urumqi
(China), to the Sialkot business community besides offering some
direct trade relations.
The offer was made by the Chinese businessmen while
addressing a joint meeting of local traders, industrialists and
exporters at Sialkot Chamber of Commerce and Industry (SCCI), on
Wednesday, after visiting various industrial units, in Sialkot city
and it's outskirts.
The Chinese delegation said that China and
Pakistan, the two brotherly countries, are enjoying healthy trade
relations, but still there exists vast scope of expanding this
BAGHDAD ACCEPTS 31,000 TONS WHEAT
Iraq has accepted the second shipload of 31,000
tons of wheat, replacing the earlier one, and presently the cargo is
being unloaded at the Iraqi port, official sources said on Tuesday.
After winning a contract of 100,000 tons of wheat
under UN programme of 'oil for food' for Baghdad, the Trading
Corporation of Pakistan (TCP) had last year shipped the wheat but, on
some ground, Iraq rejected two vessels of around 31,000 tons each.
After re-negotiating the contract, Baghdad agreed
to allow TCP to replace the same quantity at an fob price of 214 euro
per ton, the sources said. However, the first vessel of around 31,000
tons, replacing last year's rejected consignment shipped early last
month, was also rejected by Baghdad, and the TCP had to sell it to a
private party of Dubai at c&f price of $115 per ton.
PS TO START EXPORT
Pakistan Steel (PS) will start exporting its
products to various countries in the next three months after receiving
some serious enquiries from various foreign buyers.
This was stated by chairman Pakistan Steel, Lt-Col
Mohammad Afzal Khan in a meeting with members of the Karachi Chamber
of Commerce and Industry (KCCI) on Tuesday.
PAKISTAN, THAILAND TO TRADE IN OWN UNITS
Pakistan and Thailand have agreed to start counter
trade in their respective currencies for boosting bilateral trade, and
proposed to form a rice exporting consortium of four Asian States
including India and the Philippines for organized export of rice
around the world.
TURKISH ADDITIONAL QUOTA TO BOOST TIES
Additional market access for textile exporters by
Turkey worth $11 million per annum will post fresh resilience to
An extra 3000 tons of textile quota to Turkey
during 2002-03, will further deepen trade ties between the two
countries, sources at textile industry said on Monday.
Turkey was asked for greater market access and they
agreed to allow extra 3000 tons of exports in any category but not
more than 2000 tons in one category, added the sources.
The decision was announced during the Joint
Ministerial Commission (JMC) meeting, held in Ankara from June 20 to
June 21, 2002.
TRADE PACTS WITH MOROCCO
Pakistan has signed two bilateral agreements with
Morocco. According to an official statement issued on Thursday,
Commerce Minister Abdul Razak Dawood signed one agreement on trade and
economic cooperation between Pakistan and Morocco and the other was
memorandum of understanding on cooperation between Export Promotion
Bureau and Moroccan Centre for Export Promotion (CMPE) with his
PAKISTAN RANKED 3RD
Pakistan ranked as the third largest exporter of
locally manufactured cotton spindles to various countries during the
last year, and producers intend to enhance their share on the world
market after making some major changes in the original design.