According to the Federal Bureau of Statistics trade
figures for the period under review, palm oil import further raised its
share in food group import bill to 51.76% as against 39.57% in
As a fraction of total import bill ($3.79 billion),
its share rose further to 4.55% from 2.91% of the same period of
previous year. Apart from quantitative increase, $128 per ton increase
in its import bill also contributed to the rise in palm oil import bill.
According to the FBS, the total import registered an
increase of 13.36% in US dollar over the previous year. In terms of
Pakistani currency, however, the increase was of 5.81%, reflecting the
rise in its exchange value against the dollar.
The sharp increase in import bill is attributable
mainly to 29.87% surge in imports of machinery group, which totalled
$839.83 million. Main consumers of foreign exchange in this category
were power generating machinery. On its import, the country spent $74.59
million, over 51% more than during corresponding period of previous
Likewise, the imports of electrical machinery, etc
($55.23 million), roadmotor vehicles ($132 million), aircraft, ship
& boat ($26.30 million) and agricultural machinery ($7.3 million)
surged by 59.17%, 29.91%, 66.30%, 78.29% and 85.63%, respectively.
On the other hand, a downward trend is indicated in
import of office machines (computers), textile machinery and
construction & mining machinery.
Significantly, the first four months of 2002-03 saw a
sharp decline of over 0.41 million tons (16.2 per cent) in import of
crude oil as compared to the corresponding period of previous year.
FINISHED GOODS EXPORTS UP: JULY-OCTOBER
Exports of finished products rose to approximately
$3.19 billion during the four-month period July-October 2002, denoting
an increase of 15.16 per cent over the corresponding period of previous
Their share in total exports ($3.47 billion) also
edged up to 91.65pc as against 91.41pc during the same period of
previous year, according to an analysis of provisional foreign trade
figures released by the Federal Bureau of Statistics.
About 69.9 per cent of finished product exports were
accounted for by textile manufactures. In spite of a growth rate of
14.86 per cent over previous year, their share in finished goods exports
indicated a decline of 0.38 per cent.
DUTIABLE IMPORTS UP BY 10PC
The value of dutiable imports up by 10 per cent to
Rs141.658 billion during the first four months (July-October) of the
current financial year against Rs126.652 billion over the corresponding
period of last year.
Official figures, showed that the value of total
imports increased by 7.8 per cent to Rs230.617 billion during the
July-October period of 2002-03 against Rs213.886 billion during the same
period last year.
On the other hand, the value of duty free imports
stood at Rs88.959 billion during the same period this year against
Rs87.234 billion during the same period last year, showing an increase
of 1.97 per cent.
EPB CALLS KINOO EXPORTERS
The Export Promotion Bureau (EPB) has called a
meeting of kinoo exporters in Lahore on November 16 to discuss the issue
of kinoo exports in wooden crates and paper cartons.
The meeting, to be held at the EPB office, has been
called by EPB chairman Tariq Ikram. It will also discuss the shipment of
mangoes in wooden crates and paper cartons, a fax message of the Bureau
to the exporters said.
TRADE LOAN CIRCULARS
The State Bank of Pakistan (SBP) has made changes in
its earlier circulars regarding trade loans (for imports and exports
only) under FE-25 scheme.
In a circular, the SBP has invited the attention of
the Authorized Dealers to its previous Circular letters No
05/EPP.16(326) NFCA-2002 and NO. 07/EPP-16(326)NFCA- 2002 dated August
23, 2002 and September 12, 2002 respectively, regarding trade loans (for
imports and exports only) under FE-25 scheme.
FTA WITH INDIA
Commerce and Industries Minister Abdul Razak Dawood
hinted at possibility of "Pakistan entering into a free trade
agreement (FTA) with India on a reciprocal basis."
DUTY RELIEF ON CNG KITS EXTENDED
The federal government has extended the exemption of
customs duty and general sale tax (GST) for yet another five years on
import of compressed natural gas (CNG) cylinder, kits and other
LEATHER GARMENT EXPORTS ON DECLINE
Leather garments exports have recorded a drastic fall
of around 57 per cent in October 2002, as compared to October 2001. The
exports in July-October 2002 were only $75 million as compared to $142
million during the same period last year, showing a sharp decline of 45
Pakistan Leather Garments Manufacturers and Exporters
Association (PLGMEA) Fawad Ijaz Khan in a statement said that the
decline had actually started from October 2001, after 9/11. Therefore,
he said, the decline in leather garments exports during October 2002 is
68 per cent as compared to October 2000.
DATES DEMAND PICKS UP
There is encouraging demand for Pakistani dates from
Bangladesh and Indonesia, countries that were recently visited by a
delegation of dates exporters.
This was observed in a meeting of the Dates Exporters
and Producers Association of Pakistan.
TARIFF RELIEF GRANTED ON 400 ITEMS
Pakistan has granted tariff concessions to four Saarc-member
countries on more than 400 items under South Asia Preferential Trade
Arrangement (SAPTA) to boost trade with these countries, a senior