TRADE

 

Dec 16 - Dec 22 , 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

TEXTILES EXPORTS RISE TO $2.76BN

Textile manufactures exports rose to $2.76 billion, increasing their share in total exports further to 63.78 per cent during the first five months of the fiscal 2002-03, as compared to 63.42 per cent during the corresponding period of last fiscal.

 

As a constituent of total manufactured items, according to advance release of foreign trade data by the Federal Bureau of Statistics recently, the textile manufactures' contribution further moved up to 70.05 per cent. During the same period 2001- 02, these had accounted for 69.71 per cent of total manufactured exports.

The growth of overall exports is also parallel to that of manufactured exports. The former, totalling $4.33 billion, surged by 15.91% and the latter ($3.94 billion), recorded an increase of 15.88%, over the corresponding period of previous year.

According to further analysis of the FBS data, manufactured exports accounted for 91.09% of total exports, up 0.15% from previous year.

The exports of textile manufactures reportedly surged by 16.57% in the dollar and by 9.31% in the rupee during the period under review. Evidently, this impressive performance cannot be credited to November 2002 when these registered a decline of 6.79% (dollar) and 7.67% (rupee) over the previous month.

The increase in exports was attributed to the momentum witnessed in the dying months of 2001-02 and initial period of current financial year.

This trend is visible in most of the items. Nevertheless, the improvement is unmistakable in comparison with the corresponding month of previous year. Thus exports of textile manufactures jumped 20.20% in dollars over November 2001.

JULY-NOV EXPORTS STAND AT $4.33BN

Pakistan suffered a trade deficit of $0.432 billion during the first five months of the current financial year, down 5.09 per cent from the corresponding period of 2001-02.

According to the aggregate trade figures released by the Federal Bureau of Statistics the other day, exports during the period under review totalled $4.33 billion, showing an increase of 15.91 per cent over the same period of previous year.

In terms of the rupee, however, the increase in exports totalling Rs256.49 billion was only of 8.71 per cent, thanks to steady rise in the par value of rupee against dollar.

This state of affairs was also translated into relative improvement in trade gap, which decreased by 10.75 per cent in the rupee.

SESAME SEED EXPORT EARNS $20 MILLION

The country has earned around $20 million on export of 46,000 tons of sesame seed during 2001-2002. There are great prospects for higher export of sesame seed with estimated annual growth of around 20 per cent as world's total demand stands over 0.6 million tons.

The seed has a demand in Turkey, South Korea, Japan and Syria where most of exports find their way. Other significant importers are the Netherlands, the UK and Singapore.

GOVT NOT TO ALLOW IMPORT OF USED CARS

The government will not allow import of used cars in future, joint secretary, Ministry of Industries and Production, Yasin Tahir, said.

In a brief at the Site Association of Industry recently, he said the government would protect the local industry and would not allow the import of second-hand cars at any cost.

Adviser to prime minister on finance and economic affairs Shaukat Aziz hinted at reviewing the decision on import of reconditioned cars. He said the Ministry of Industries and Production was examining the case and was expected to take some decision on this issue.

PAKISTAN, TURKEY TO COOPERATEIN AUTO SECTOR

The Chairman, Export Promotion Bureau (EPB), Tariq Ikram, has said that there is great scope of cooperation between Turkey and Pakistan in the complimentary industries of automobile industry.

Speaking at the inaugural session of two-day 'Turkish Autoparts Industry Catalogue Show', the EPB chief said that in the past both the countries had looked to the West but now time has come to develop more closer trade relation.

Appreciating the event, Tariq said such exhibitions and exchange of trade delegations are necessary to expand trade ties between the two countries.

PAKISTAN, US TALKS FOCUS ON FREE TRADE

Pakistan and the United States held the inaugural meeting of the joint working group on trade and investment at the White House conference centre.

Khalid Saeed, additional secretary Ministry of Commerce and Trade, represented Pakistan while William Lash, assistant secretary Department of Commerce and Jon Rosenbaum, assistant secretary Office of the US Trade Representative, represented the United States.

SARHAD, KABUL CHAMBERS SIGN ACCORD

Sarhad Chamber of Commerce and Industry (SCCI) and Kabul Chamber of Commerce and Industry (KCCI) hare signed an agreement to set up a joint forum to promote economic and trade ties between the two neighbouring countries.

Ghulam Sarwar Mohmand and Shuja-ud-Daula, presidents of SCCI and KCCI, respectively, signed the agreement during a meeting between the representatives of the two chambers at the Chamber House.

LIVESTOCK EXPORT YARD

Sindh government will establish a modern "livestock export yard" in Karachi at a cost of Rs100 million to boost exports of livestock and meat.

This was stated by Imtiaz Qazi, secretary food, livestock and fisheries, while presiding over a meeting of livestock department recently that reviewed feasibility report of the export yard.