Remittances up by 7pc

dollarsss

LAHORE: Overseas Pakistanis remitted $2637.27 million in first two months (July & August) of the current fiscal year.

It shows a growth of 7.05 percent as compared to $2463.69 million received during the same period of last fiscal year, said a statement by State Bank of Pakistan.

The inflow of remittances in July-August from Saudi Arabia, UAE, USA, UK, GCC countries including Bahrain, Kuwait, Qatar and Oman and EU countries amounted to $732.50 million, $506.78 million, $448.60 million, $419.74 million, $295.59 million and $74.97 million respectively as compared to the inflow of $657.78 million, $505.80 million, $446.61 million, $334.06 million, $274.09 million and $63.57 million respectively in July-August FY12-13.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of current fiscal year amounted to $159.09 million against $ 181.78 million received in the first two months of last fiscal year.

In August 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $321.77 million, $254.37 million, $215.54 million, $197.81 million, $134.15 million and $36.38 million respectively as compared to the inflow of $308.12 million, $265.26 million, $231.31 million, $185.57 million, $133.73 million and $32.74 million respectively in August 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the second month of the current fiscal year (August FY14) amounted to $72.86 million, the SBP statement said.

LCCI president concerned over Karachi unrest

LCCI president 333

LAHORE: The Lahore Chamber of Commerce and Industry on Thursday expressed deep concern over prevailing violent situation in Karachi and called for early restoration of peace and revival of economic activities in the city.

In a statement, LCCI President Farooq Iftikhar said that unrest in the largest port city was not only disrupting the entire economic cycle but also tarnishing the image of the country.

A one-day strike or shutdown in Karachi causes loss of Rs 3-4 billion to the economy besides hitting hard around 2.5 million daily wagers working in 4000 industrial units and 600,000 retail shops.

Farooq Iftikhar said that peace in all parts of the country was a prerequisite to keep wheel of the economy running.

‘SROs affecting Sialkot export industry’

SIALKOT: Chairmen of trade unions representing all five zero-rated export-oriented sectors and Sialkot Tax Bar Association have discussed the negative effects of SROs 505(I)/2013 and 98(I)/2013 on export industry with Sialkot Chamber of Commerce and Industry (SCCI) President Sheikh Abdul Majid in a meeting.

The SCCI President told the chairmen that he had pointed out the problems regarding the said SROs in meetings with Finance Minister Muhammad Ishaq Dar, FBR Chairman Tariq Bajwa, RTO Sialkot Chief Commissioner and other high-ups of the Board. It was told the meeting that the finance minister and FBR chairman were also requested in writing to give relief to Sialkot export industry but in vain.

Sheikh Abdul Majid, expressing concern on the government’s non-responsive attitude, said that implementation of SRO 505 and 98 had increased the cost of production by five to 10 per cent. He feared that declaring exporters as Sales Tax Withholding Agent would leave the businesses uncompetitive in the global market.

Pakistan Sports Goods Association Chairman Muhammad Iqbal Saleemi, Surgical Instruments Manufacturers Association Chairman Bilal Tanveer, Pakistan Leather Garments Manufacturers and Exporters Association (North Zone) Chairman Tassawar Hussain, Pakistan Readymade Garments Manufacturers and Exporters Association (North Zone) Chairman Mir Muhammad Farooq Meyer, Pakistan Gloves Manufacturers and Exporters Association Chairman Khurram Azeem Khan, Pakistan Hosiery Manufacturers Association VC Muhammad Rafi Sony were present in the meeting. Aftab Hussain Nagra, President; Zulfiqar Ahmed Nasir, Arshad Nawaz Mann and Waseem Arshad also attended the meeting on behalf of Sialkot Tax Bar Association.

APTMA to hold road shows in European states, US

LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz has said that the association will hold international road shows in the European states and the United State.

He said this while talking to the delegation of Lahore Economic Journalists Association (LEJA). APTMA Vice Chairman Wisal Monnoo, APTMA Punjab newly-elected Chairman SM Tanveer, newly-elected Senior Vice Chairman Ali Ahsan and APTMA Committee on International Trade Convenor Amir Fayyaz were also present there.

Gohar Ejaz said that the APTMA is struggling to bring Chinese investment in textile sector of Pakistan. He said the Businessmen Group, during last four years, has achieved an increase of $3.5 billion in textile exports despite the odd circumstances, including energy crisis and high interest rates.

Gohar stated that the industry exports have gained $13.1 billion mark in 2012-13 against $9.5 billion in 2009-10. He said the Businessmen Group has set a target of another $13 billion in next five years that will also generate 10 million jobs in the country.

The APTMA chairman congratulated to the Businessmen Group that has made a clean sweep in the association’s Punjab elections for the year 2013-14. All the six Central Executive Committee Members from Punjab have been elected unopposed for 2013-14.

No proof of weapon smuggling found; Commission submits report in SC

Containters1

KARACHI: A commission, established by the Apex Court, has found no proof of arms smuggling from Karachi port.

The Supreme Court set up the commission headed by former Member Customs Ramzan Bhatti to probe into the matter of disappearance of Nato weapon shipments from Karachi port after the director general Rangers had told the court on August 30 that around 19,000 containers, loaded with weapons and vehicles, had gone missing during the tenure of a former minister for ports and shipping.

The commission, in its 15-page report, told the Supreme Court that the DG Rangers did not give any evidence to substantiate his claim. The sources said that most of the disappeared containers were loaded with goods for Afghan transit trade and just a few hundred containers linked to Nato.

The commission also rejected any impression that the investigation was influenced by the US embassy. Earlier, US official, in a statement, also denied that any Nato containers had gone missing from the Karachi port.

It was also admitted in the report that due to lack of proper facilities, the Customs Department cannot check every instance of smuggling. The commission, however, rejected link of Karachi’s poor law and order situations with the workings of the Customs Department.

Trade deficit reduces 11.45pc in August

LAHORE: Pakistan’s trade deficit narrowed by 3.07 per cent during the first two months of the current fiscal year as exports expanded by 3.66 per cent while imports witnessed nominal increase of 0.54 per cent as compared to the same period of last year.

On year-on-year basis, the trade deficit decreased by 11.45 per cent in August 2013 when compared to the deficit of the same month of last year, according to the latest data of Pakistan Bureau of Statistics (PBS).

The figures show the exports during July-August 2013-14 were recorded at $4.091 billion against $3.946 billion recorded during the corresponding period in 2012-13.

On the other hand, the imports during the first two months of the current fiscal year were recorded at $7.386 billion against $7.346 billion during July-August last year, showing nominal growth of 0.54 per cent.

Based on the figures, the trade deficit during July-August 2013-14 was recorded at $3.295 billion against the deficit of $3.400 billion in the two months of 2012-13, showing negative growth of 3.07 per cent.

Meanwhile, on year-on-year basis, the exports from the country in August 2013 increased by 4.75 per cent to $1.996 per cent when compare to the exports of $1.905 billion in August 2012.

The imports into the country decreased by 3.07 per cent by falling from $3.685 billion in August 2012 to $3.572 in August 2013, the PBS data revealed. Based on the figures, the trade deficit in August 2013 was recorded at $1.576 billion against the deficit of $1.780 in August 2013, showing negative growth of 11.45 per cent.

On the other hand, exports in August 2013 decreased by 4.75 per cent when compared to the exports of $2.095 billion in August 2012. The imports into the country also decreased by 6.35 per cent in August 2013 when compared to the imports of $3.814 in August 2012, according to the data.

The deficit in August 2013 stood at $1.576 billion against the deficit of $1.719 billion in August 2012, showing negative growth of 8.31 per cent.