TRADE

 

July 22 - 28, 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

LINT COTTON EXPORTS DROP 

Private sector has registered a significant drop in export of lint cotton during the last fiscal to $2.458 million (0.206 million bales) against $139.118 million (0.794 million bales) the previous year, according to official figures released by the Federal Bureau of Statistics.

 

"Terrorist attack on WTC and Afghan war slowed down the exports and foreign buyers were not inclined to open LCs until the fear of Indo-Pak war is allayed," one exporter said.

Export sales, however, got impetus from February when the Afghan war ended as the monthly figure rose from the previous average of 5,000 bales (lowest being 1,994 in November, 2001) to 27,324 bales in February, 2002, although threat of war with India was there.

After producing a bumper crop of 10.6 million bales and a sizeable carryover stocks the country was in a position to export around 0.5 million bales. However, low world cotton prices coupled with Sept 11 terrorist attack dampened the situation.

Up to July 15, 2002, a total of 0.247 million bales have been registered by private sector exporters with EPB's export registration cell. On the other hand there is a quantum jump in import of raw cotton during current season (2001-2002). In total 1.05 million bales have been imported between Sept 1, 2001, to May 5, 2002.

Figures given by collectorate of customs, Karachi, 0.975 million bales were imported through Karachi Port. Similarly, the figures given by collectorate of customs Port Qasim a total 73,485 bales were imported through PQA.

With huge world carryover stocks of around 43 million bales the raw cotton prices are expected to stay depressed during coming season. The highest stocks of around 9 million bales are held by China followed by US at 6 million bales.

PAKISTAN EXPORTS 1.065M TONS OF MOLASSES

The country has exported around 1.065 million tons of molasses up to June 30, 2002, fetching around $40 million, official sources said on Monday.

With higher sugar production this season the country is expected to produce around 1.758 million tons of molasses as against 1.6 million tons of last year (2000-01). However, around 1.6 million tons of molasses would be available for exports this season as a balance of around 0.2 million tons would be used by distilleries to produce alcohol.