"The government is confident of achieving export
target of $10.4 billion for the fiscal 2002-03, as the four months'
figures are 5.5 per cent ahead of target," Commerce Minister Abdul
Razak Dawood told reporters at a press conference.
The minister said exports in October reached $891
million as against $759.9 million achieved in October 2001, showing 17.3
per cent increase, adding this export figure is highest ever for the
month of October.
Razak Dawood informed newsmen that the country's
imports in October this year stood at $1.01 billion, witnessing an
increase of 20.6 per cent over imports worth $838 million realized in
the corresponding month of last fiscal.
While during the first four months (July-October),
the imports were recorded at $3.79 billion, showing 13.4 per cent
increase over the imports worth $3.34 billion achieved in the like
period of previous fiscal, he added.
The minister further said that during July-October
period of the current fiscal, the trade deficit reduced to $310.6
million from $317.9 million in July-October 2001-02, registering a
decline of 2.3 per cent.
Exports as percentage of imports increased to 91.8
per cent during July-October 2002 from 90.5 per cent during July-October
2001, he added.
Mr Razak expressed his confidence over the future of
textile which is looking good as per the textile vision 2005, adding
there is improvement in value added exports and the clean cotton
campaign has started showing results.
TCP GETS 17 BIDS FOR WHEAT TENDER
The Trading Corporation of Pakistan (TCP) has
received 17 bids in response to a tender for the export of 50,000 tons
of wheat to be shipped in bulk, bags or containers, a TCP official said.
"The highest bid price was over $124 per ton,
while total buying offers were over 200,000 tons. The TCP will take a
decision within next two or three days," the official, who declined
to go on record, told Reuters.
The corporation issued a sell tender on October 29
for 50,000 tons of wheat owned by the Punjab provincial government from
the 2001-02 (May-April) crop year.
MILLS SEEK EXPORT OF 0.5M TONS SUGAR
Sugar mills have asked the government to allow them
to export 0.5 million tons of sugar at the start of new crushing season
so that a much needed relief to the industry from huge carryover stocks
of around 0.526 million tons could materialize.
In this regard the industry leaders in the last week
of October held several meetings with government officials concerned as
well as ministers of commerce and finance, requesting them to resolve
the issue before the start of the new crushing season.
The United States has agreed to remove quota
restrictions on Pakistan's man-made bedding products but declined to do
away with discrepancies that restricted export of nine other textile
categories to its market, authentic sources told.
VALUE-ADDED FISH EXPORT PLAN
The Karachi Fish Harbour is working on a plan aimed
at enhancing export earnings from fish by ten times through value
addition. Presently, the country earns around $150 million from fish
exports but it could go up to $1.5 billion in five years.
TURKEY FOR BOOSTING TRADE
A 30-member Pakistani businessmen delegation will
visit Turkey in April next with the objective to expanding trade
relations in various sectors.
This was stated by Turkish Consul-General at Karachi,
Fevzi Uslubas, in an interview.
DUMP TRUCKS IMPORT BANNED
The federal government has imposed a ban on import of
second hand dump trucks. These trucks were being imported as
construction machinery at concessional rates and then being converted in
to haulage trucks and buses for commercial use, said an official of
heavy vehicle company.
In an SRO 768(I)/2002, issued on November 2, the
government has removed dumpers from the list of machinery that can be
imported at concessional rates.
IMPORTED CHEAP CARPETS HIT LOCAL INDUSTRY
Imported cheap carpets have flooded the local market
resulting in large scale closure of cottage as well as organized sector
industry which once dominated the world market of woollen carpets.
There was a time when carpet industry was spread in
the organized and unorganized sectors across the country, but now it is
non-existence and the situation has turned so bad and precarious that
even profit making units have been closed down.
FRENCH CG FOR BOOSTING BILATERAL TRADE
French Consul General Georges Dupuis has said that he
is in constant touch with the French authorities and would like to start
issuance of visa from Karachi as soon as feasible.
He said he is fully aware of the ordeals presently
being faced by the local businessmen, who have to get the visa directly
CARPET, FURNITURE EXPO IN ROME
A four-member Italian trade delegation comprising
buyers of furniture, textile and carpet is currently visiting Pakistan.
The purpose of the visit is to discuss the matter
regarding organizing an exhibition of Pakistani furniture and carpets in
the first week of March 2003, at Rome, as well as to explore
possibilities of cooperation and joint ventures in textile and marble
The delegation led by Francesco Tamburella called on
EPB vice-chairman Ejaz Ahmed Qureshi and other officials of the bureau
and discussed the modalities of exhibition and other matters of common
interest for the promotion of trade between the two countries.