TRADE

 

Aug 12 - 18, 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

MANUFACTURED GOODS EXPORTS JUMP 21.26PC

Exports of manufactured items jumped 21.26 per cent to $758.22 million during July 2002 as compared to corresponding period of previous year. 
Giving probably a taste of stridency during the rest

 

of the year 2002-03, the manufactured goods exports accounted for 92.71 per cent of total exports (about $815.99 million) during the first month of the current fiscal. Their share in total exports for the fiscal year 2000-01 was 91.42 per cent.

According to an analysis of the detailed provisional foreign trade figures released by the Federal Bureau of Statistics on Thursday, value-added textile manufactures appeared to have emerged out of a long period of dormancy. Their exports totalled $566.95 million in July 27.16 per cent more than the same month of 2001.

As percentage of manufactured exports also, they have fared surprisingly better. Whereas in July 2001, the share of textile manufactures in total manufactured goods exports was 71.30 per cent, this year it has soared by about six percentage points to 77.41 per cent.

Among the textile manufactures, cotton cloth was in the lead. In terms of dollars, their exports went up by 70.16 per cent against an increase of 70.43 per cent in their exports in terms of quantity. They accounted for 18.88 per cent of the exports figure of textile manufactures. In July 2001, their contribution was 14.11 per cent.

With one exception, all the other categories of textile products registered positive growth (in terms of dollars) as follows:

Knitwear 0.81%; bedwear 63.21%; towels 21.70%; tents, canvas & tarpaulin 62.36%; readymade garments 22.12%; art, silk & synthetic textile 39.91%; madeup articles (including other textiles) 23.38%.

DUTIABLE IMPORTS UP BY 28.76PC IN JULY

The value of dutiable imports increased by 28.76 per cent to Rs35.05 billion during the first month of the financial year 2002-03 against Rs27.22 billion over the corresponding month of last fiscal.

Official figures released by the Central Board of Revenue showed that the value of total imports surged by 24.33 per cent to Rs58.05 billion during July 2002-03 against Rs46.69 billion during the same month of last fiscal.

On the other hand, the value of duty-free imports stood at Rs23 billion in July this year against Rs19.47 billion during the same month last year, showing an increase of 18.13 per cent.

The total revenue from the dutiable imports in July this year stood at Rs3.5 billion against Rs2.75 billion during the same month last year, showing an increase of 27.27 per cent.

TRADE DEFICIT WIDENS BY 2.2PC

Financial year 2002-03 has started with a trade deficit of $1.1 billion, according to the aggregate foreign trade figure for the month of July 2002, released by the Federal Bureau of Statistics on Monday.

Thus at the outset of the year, the country suffered a trade imbalance 2.22 per cent more than for the corresponding month of previous year.

Exports during the first month of the year amounted to $816 million. This is indeed an impressive achievement because it is 19.31 per cent more than the exports during July 2001. It was not, however, very impressive when compared against June 2002. For the month of July 2002 lagged behind the previous month by 15.39 per cent.

The imports in July 2002 totalled $926 million 16.99 per cent more than in the comparable period of previous year. As against June 2002, however, the imports registered a decline of 5.05 per cent during the month under review.

JEDDAH SIGNS DEAL ON MEAT IMPORT

The governments of Saudi Arabia and Pakistan on Sunday signed an agreement to lift the ban on imports of goat and sheep meat and their products into the Kingdom of Saudi Arabia.

The agreement was signed by Pakistan ambassador Lt-Gen (r) M. Asad Durrani and Saudi minister for commerce Osamah bin Jaffer Faqeeh at a ceremony held at the ministry of commerce in Riyadh.

FOREX MANUAL BEING AMENDED

The commerce ministry has asked the State Bank of Pakistan to make necessary amendments in the imports and exports chapter of Foreign Exchange Manual aiming to facilitate the businessmen.

FTA WITH SRI LANKA

Minister for Commerce Abdul Razak Dawood has said the Free Trade Agreement (FTA) signed between Pakistan and Sri Lanka will increase their annual volume of trade from existing $130 million to $230 million.

"There will be an additional $100 million trade annually between Pakistan and Sri Lanka because of signing this FTA and we plan to sign a similar agreement with Bangladesh as well," he added.

$500M TEXTILE MACHINERY IMPORTED

Imports of textile machinery soared to a hefty figure of about half a billion dollars during the last fiscal ended June 30, indicating a "gigantic modernization and replacement work is judiciously being carried out according to textile vision 2010."

Provisional machinery import figures put the total at $405.175m but industry sources maintain it could swell to $500m after the addition of late May and June imports. It shows an increase of 15 per cent over the previous year's (2001) figure of $375m.