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 2nd Dec 2016

Indian currency crisis impacts global cotton market

The currency crisis in India, marked by insufficient supply of new...

Huang Wei from Fiber Raw Material Dept of Sinopec Chemical Commercial Holding speaking at the Forum

Textiles | On 2nd Dec 2016

Huge potential for nylon consumption: Experts

There is huge potential for increase in nylon consumption said...

Apparel/Garments | On 2nd Dec 2016

Aditya Birla Group to establish apparel unit in Odisha

Aditya Birla Retail and Fashion Ltd. (ABFRL) is establishing a new...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search