Home / Knowledge / News / PLGMEA against increase in ERR
PLGMEA against increase in ERR
05
Oct '10
The Pakistan Leather Garments Manufacturers & Exporters Association's (PLGMEA) Chairman, Fawad Ijaz Khan, has strongly denounced the State Bank of Pakistan's move to hike the Export Refinance Rate (ERR) by 0.5 percent. According to Khan, this rise in ERR would then boost the manufacturing cost for exporters.

The leather garment industry is in a fix over the dearth of hides and skins in the country, on account of heavy rains in the country. The floods have claimed lives of around one million cattle and have dislocated about 20 million of them, who are now starving for the want of grass, he said.

He further stated that, usually during this period the leather garment exporters make bulk purchases to stockpile for upcoming Autumn/Winter seasons. But this season, the buyers don't seem to be eyeing Pakistan for purchases, due to the deteriorating law and order conditions and also for the high cost of products, when compared with those offered by exporters from India and China.

Rise in the wages of workers coupled with rise in energy and gas charges and the recent hike in ERR have all together shot up their production cost, he said and thus, pleaded the State Bank of Pakistan's Governor to do away with this hike in the ERR.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 26th Jun 2017

US initiates probe into PSF imported from 5 nations

The department of commerce of the US has initiated investigations for ...

Textiles | On 26th Jun 2017

USTR announces AGOA review for Rwanda, Tanzania & Uganda

The office of the US trade representative (USTR) has announced the...

Textiles | On 26th Jun 2017

Braskem invests in polypropylene production facility in US

The Board of Directors of Braskem, one of the largest producer of...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search