Newsbrief

Soyabean oil import increased by 71.93pc in 5 months

ISLAMABAD (APP): Imports of soyabean and palm oils during five months of current financial year grew by 71.93 percent and 29.24 percent respectively as compared the corresponding period of last year. Soyabean oil import into the country during first five months of current financial year increased by 71.93 percent as compared to the import of the corresponding period of last year. During the period from July-December, 2017-18, 109,366 metric tons of soyabean oil worth $98.519 million was imported to fulfill the domestic requirements as against the import of 37,845 metric tons valuing $57.303 million of same period last year. Meanwhile, imports of palm oil into the country grew by 29.24 percent as about 1,196,824 metric tons of palm oil valuing $885.832 million was imported as compared the imports of 987,623 metric tons worth of $669.943 million of same period last year, according the data of Pakistan Bureau of Statistics.
However, the imports of leguminous vegetables (pulses) during the period under review decreased by 25.72 percent and it was recorded at 246,615 metric tons valuing $214.325 million as compared the imports of 331,271 metric tons costing $288.529 million of same period of last year.
It may be recalled that food group imports into the country on month basis also grew by 1.38 percent in November, 2017 as compared the same month of last year.
Food commodities worth of $520.127 million were imported in last month as compared the imports of $513.071 million of same period of last year.
On the other hand food group exports from the country witnessed 12.05 percent growth as compared the exports of the corresponding period of last year.

Leather manufacturers’ exports up 2.18pc in July-Nov

ISLAMABAD (APP): The export of leather manufactures from the country witnessed an increase of 2.18 percent during July-November 2017-18 compared to that of Jul-Nov (2016-17). The exports rose to $219.584 million in first five months of current fiscal year as against exports of $214.889 million during same period of last year. Export of leather gloves increased by 13.62 per cent as it rose to $85.455m in Jul-Nov (2017-18) from $75.209m in same period of previous year. The leather garments export however, declined by 3.53 per cent to $129.382 million from $134.117m in July-Nov (2016-17). Similarly, export of other leather products also decreased to $4.747m in the period under review against the export of $5.563m in same period last year thus showing a decline of 14.67 percent. On year-on-year and month-on-month basis, leather manufacturers’ exports witnessed an increase of 0.75 percent and 1.39 per cent when compared with the exports during November 2016 and October 2017 respectively.
The exports rose to $44.247 million in November 2017 from $43.917 million in November 2016 and $43.014 million in October 2017.
Export of leather gloves increased by 15.05 per cent in November 2017 as compared to same period last year while it decreased by 0.12 per cent as compared to the export of October 2017.
During the period under review, the export of leather gloves were recorded at $18.413 million while it was recorded $16 million in November 2016 and $18.436 million in October 2017.
Leather garments’ export however decreased by 7.35 percent in November 2017 compared to the export during November 2016 while in increased by 5.65 per cent as compared to October 2017.
The export of leather garments was recorded $24.886 million in November 2017 while it was recorded $26.838 million in November 2016 and $23.543 million in October 2017 respectively.

Govt disburses Rs14b for textile sector under PM’s Export Enhancement Package

ISLAMABAD (NNI): The government has disbursed Rs 14 billion among the textile sector against claims for Rs 21 billion through the State Bank of Pakistan under the Prime Minister’s Export Enhancement Package till December 21. The Rs 162 billion Export Enhancement Package was aimed at helping the textile sector to gain competitiveness in the international market in order to enhance the country’s exports, a senior official of Ministry of Commerce and textiles industry said on Wednesday. “The government wants to revive confidence of the textile sector through the package,” he said, adding the package would expand to other industrial sectors, including the pharmaceuticals. “We are committed to providing an enabling business environment to all the industrial sectors,” he added. The government, the official said, had also given procedural and tax relaxations on the import of textile machinery for the modernization of industry and to enhance the capacity of the sector.
The official said that through this package cost of doing business would come down in the country.
All Pakistan Textile Mills Association (APTMA) General Secretary Anis-ul- Haq stressed on the need for providing a competitive business environment to the textile sector to enhance exports. He said the government would evolve export-led economy for economic stability and growth.

FPCCI congratulates Miftah Ismail on his appointment as advisor to PM

KARACHI/RAWALPINDI (Agencies): FPCCI President Zubair F Tufail, S.M. Muneer and Iftikhar Ali Malik have hailed the appointment of Dr Miftah Ismail as Advisor to Prime Minister for Finance. They have appreciated the step taken by the Prime Minister to form a new finance team. The business leaders have congratulated Dr Miftah Ismail on his new assignment and have hoped that since he is aware of the problems of trade and industry and the businessmen, therefore, he will immediately look into the issues and will try to resolve them. Meanwhile, Rawalpindi Chamber of Commerce and Industry (RCCI) Wednesday welcomed the appointment of Miftah Ismail as the Adviser to the Prime Minister on Finance, Revenue and Economic Affairs. President of RCCI Zahid Latif Khan said the key slot of finance minister had been vacant for almost a month and there was an uncertainty in the country, a statement said.
He said this key appointment would resolve the issue of uncertainty among the business community and “we are hopeful that Miftah Ismail will address the issues faced by business community at his earliest.”
The appointment of Miftah Ismail as the adviser to prime minister with the status of federal minister and Rana Muhammad Afzal Khan as State Minister of Finance in remaining few months of the incumbent government’s term would now clear the situation for the local and foreign investors, he added.

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