Participating in a public hearing held at NTC, All
Pakistan Ceramics & Pottery Association chairman Mohammad Aslam Lone
alleged that the local industry faced dumping prices charged for the
crockery imported from China.
Dr Faizullah Khilji, Chairman of NTC presided.
Interestingly, the importers remained conspicuous by their absence.
Quoting Chinese exporters, he said it was the
practice in China not to fix universal rates. In this, China was aided
by the fact that it had ample raw materials in the form of clay and
coal. There was thus no system of cost accountancy. The Chinese
exporters simply determined their price in comparison with the rates
prevailing in each country of import.
The public hearing was held in response to the
application submitted by Cera-e-Noor — a subsidiary of Hashu group —
to the NTC for protection from unfair trade practices of foreign
P.K. Shahani said the
organized sector comprising 12 industries, large and medium-sized, was
on the verge of collapse owing, besides dumping, etc., to high
production cost due to ill-considered custom duty on imported raw
material and high energy cost.
He charged that the imported crockery was being
marketed in Pakistan at rates about 60 per cent lower than the
international price. Tactics employed by them included invoicing first
class product as second class product, thus cheating exchequer of tax
and avoiding the mischief of anti-dumping ordinance.
JULY-AUG DEFICIT AT $265M
Pakistan suffered a trade deficit of $265.21 million
during the first two months of fiscal 2002-03, down 29.38 per cent from
the same period of previous year.
According to the aggregate foreign trade data
released by the Federal Bureau of Statistics on Thursday, the exports
during the period under review totalled $1,171.35 million. This is 17.02
per cent more than July and August in 2001.
Likewise, the imports at $1,900.85 million surged by
9.90 per cent. Thus the fraction of imports paid for by exports improved
to 90.14 per cent during the period under review. In the first two
months of previous financial year, 84.67 per cent of imports were
covered by exports.
Further analysis of the figures showed that for the
first time in a long period, the exports are not only abreast of the
target of $10.1 billion for the current financial year but ahead of it.
MOLASSES EXPORTERS SEEK ST EXEMPTION
Molasses exporters are seeking exemption from sales
tax because it blocks huge amount of around Rs337.50 million on export
of about 1.5 million tons of molasses per annum.
In a presentation to Minister of State and Chairman
Export Promotion Bureau Tariq Ikram, Terminals Association of Pakistan
(TAP) has sought immediate exemption from sales tax paid at the time of
purchase of molasses from sugar mills.
The association pointed out that since the collected
sales tax is refunded, but not before wrecking the export business of
molasses by way of creating liquidity problem and enhancing the cost,
therefore, there was no logic to impose it at all.
SBP ISSUES GUIDELINES: FCY TRADE LOANS
The State Bank has issued a set of guidelines about
trade loans being offered by the banks out of their fresh foreign
In a circular issued last week to the banks dealing
in foreign exchange the SBP clarified that foreign currency deposits
could be used for these purposes: (i)
financing exports (ii)
financing imports (iii)
lending to exporters
lending to importers.
But the issuance of the circular does not mean that
banks are currently not using their fresh foreign currency deposits for
GOLD CATEGORY LIST EXPANDED
The government has expanded the list of gold category
aimed at facilitating early payment of duty drawback claims to maximum
genuine exporters, a senior official told.
Member Sales Tax, Ramzan Bhatti said that besides the
existing gold category exporters the following exporters would also be
included in the list provided they were not involved in tax frauds.
Those new exporters who would avail the facility
included: all listed companies quoted on stock exchange; the exporting
companies having annual export of $15 million or exporters of
value-added goods having annual export of $1 million or exporting
companies awarded best exporters by the Export Promotion Bureau (EPB).
CARPET FAIR OPENS
The international exhibition of carpets is held by
the Pakistan Carpet Manufacturers and Exporters Association (PCMEA) in
collaboration with the EPB.
Around 50 stalls have been put up at the display that
is being visited by some 100 foreign buyers and importers from Europe,
the US, Canada, Far East and other countries.
IDB FACILITY FOR SMALL EXPORTERS
Head of a two-member mission of the Islamic
Development Bank Mohammad Sayef Uddin said on Friday that IDB will make
$125 million credit facility available to the small exporters in
Pakistan through National Bank. He was speaking at a meeting of Islamic
Chamber of Commerce and Industry.
According to a press release he explained to the
participants of the meeting that another $275 million IDB facility
available to the exporters are of direct nature. Under this facility the
exporters after shipment send their documents to the IDB and the IDB
buys the export documents and pays the amount equivalent to the exports