TRADE

 

Nov 11 - 17 , 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

TRADE GAP NARROWS BY 2.3PC IN JULY-OCT

The country's exports during the first four months of current fiscal (July-Oct 2002-03) were recorded at $3.478 billion as against $3.024 billion during the same period of previous fiscal, showing a rise of 15 per cent.

 

"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.

TEXTILE QUOTA

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 from Islamabad.

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 sectors.

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.