TRADE

 

Oct 14 - 20 , 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

FINISHED GOODS EXPORTS GO UP 14.19PC

Manufactured exports with a total of over $2.37 billion improved their share in total exports during July-September 2002 , according to the detailed provisional foreign trade figures of the Federal Bureau of Statistics.

 

Textile manufactures increased their exports over the same period of previous year by 14.87pc.

Equally impressive was their contribution to exports of manufactured items. It was 77.56pc, up 7.44pc from July-September 2001.

As a proportion of total exports ($2.58 billion), their contribution too moved up from 64.64pc to 64.90pc during the period under review. FBS has reported the total amount of Textile manufactures exports as $1.67 billion.

Out of 9 broad categories of textile manufactures, only two fetched negative unit price. These were cotton yarn and knitwear.

The quantity of cotton yarn exported in July-September was 138,686 tons, 8.47pc more than during the same period of previous year. Apart from the fact that cotton yarn represents negative value-addition, its price plummeted $122 per ton, thus sharply slashing the increase in value higher quantity of yarn export should have produced only 1.44pc.

Another noteworthy aspect of cotton yarn export is that its importance among textile manufactures is on decline. In July- September 2002, its share was 14.51pc compared to 16.43pc during the same period of previous year.

Likewise, export of knitwear, a value-added item went up 20.84pc in quantity but the value received was only 9.07pc higher.

Cotton cloth with export totalling $318.65 million was again the No. 1 earner of foreign exchange with an increase of 29.53pc in dollars over the previous year, compared to quantitative increase of 18.35pc.

The exports of bedwear ($286.20 million) towels ($78.52 million), tents, canvas & tarpaulin ($6.58 million), readymade garments ($268.97 million) and artificial silk & synthetic textile ($116.28 million) recorded a growth of 31.47pc, 17.38pc, 1.14pc, 17.54pc and 1.37pc respectively.

TRADE GAP TO WIDEN TO 2.3PC OF GDP

Pakistan's trade balance will widen to 2.3 per cent of GDP in 2002-03, predicts the IMF. In its latest Country Report 2002 on Pakistan , it said that the balance of payment position is expected to remain strong during the current financial year, despite the subsiding of exceptional factors.

Nonetheless, the trade balance is projected to worsen slightly on account of a significant recovery of imports due to higher domestic growth, notwithstanding a pick-up in exports.

JULY-SEPT TRADE DEFICIT AT $239.53M

The foreign trade deficit during the first quarter of 2002-03 amounted to $239.53 million which is 16 per cent less than the trade gap during corresponding period of previous year.

In terms of rupee, however, the trade gap dropped by 21.84pc to Rs12 billion. During the same period of 2001-02, it had stood at Rs15.35 billion.

According to the aggregate export-import figures released by the Federal Bureau of Statistics on Saturday, the merchandise exports of Pakistan totalled $2.58 billion surpassing the performance of the period July-September of 2001-02 by 13.98pc.

$95.5M SURPLUS TRADE WITH ECO STATES

Pakistan has achieved a trade surplus of $95.552 million with ECO-member countries during the financial year 2001-02 , an official source told.

The total exports to ECO member countries during the financial year 2001-02 stood at $317.764 million, while total imports from these countries were $222.212 million during the same period, a trade surplus of over $95 million.

EPB SPENDS OVER RS291M

The Export Promotion Bureau (EPB) spent Rs291.133 million during FY2001-2002 on export promotional activities which included holding of exhibitions and arranging trade delegation aboard.

The bureau spent Rs45 million on arranging visits abroad of 38 trade delegations comprised 337 members. Rs246.133 million spent on participating in 59 international trade exhibitions in which around 680 exhibitors took part, official figures show.

EU NOT WITHDRAWING TARIFF CONCESSIONS

Minister for Commerce Abdul Razak Dawood on Tuesday said there was no truth that the European Union (EU) was planning to withdraw tariff concessions given on our exports to its member states.

"It certainly shocked me when I was informed about the news and I immediately rang the EU headquarters at Brussels, but there was clear-cut reply that no such move was planned," the minister maintained.

PASSCO ALLOWED TO EXPORT WHEAT

The federal government on Monday allowed Punjab and Sindh as well as Passco to export 600,000 tons of wheat till December out of over 3.4 million tons in their stocks, Minister for Food and Agriculture Khair Mohammad Junejo said on Monday.

He was briefing newsmen about decisions of the Federal Committee of Agriculture (FCA), which held its autumn meeting under his chairmanship.

QUOTA-FREE WORLD

The government, in collaboration with private sector, wants to set up a board that will oversee market research and product development work aimed at facing the challenges of free market era by year 2005 and after.

This was stated by Ejaz Ahmed Qureshi, vice chairman, Export Promotion Bureau (EPB), on Monday, in a meeting with a group of newsmen in the EPB offices.

ST REFUNDS OVERDUE HITS TEXTILE EXPORTS

The exports of value-added textile are presently confronted with a number of problems which are becoming impediment in their growth and also dwindling their volumes as well as foreign exchange earning.

After the 9/11 incident the foreign buyers are seeking 17-21 per cent reduction in prices of value-added textiles which adds to more losses being suffered on account of 5 to 7 per cent appreciation in rupee value and cut in duty drawback rates.