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Textile exporters observe black day
08
Jul '08
Textile exporters observed a black day on July 7 as a protest against gas hike. Many have even flocked to their American and European clients in a bid to save their textile export orders and adopting damage control measures.

In the wake of rising prices for petroleum, gas and electricity the relative increase in the cost of production has become unbearable. To top it up, uncertain export policies, suspension of research and development support and commercial credit squeeze have also played a crucial role in ushering a chaotic phase for domestic exporters.

Mr Tahir Ishaq Bharara, Chairman, Pakistan Textile Exporters Association (PTEA), during a meeting, expressed concerns over rapidly deteriorating conditions of the textile industry and its trade. He constantly reiterated that the burden of protective duties on local purchase of raw material has further made it impossible for the textile industry to cope with in these serious circumstances.

Excessive mark-up rate charged on the exporters by the commercial banks is also standing as a major obstacle in the way of increasing export turn over.

As a way out, Mr Tahir proposed level playing field for export, total zero rating of exports, freezing of input prices, withdrawal of gas and electricity hikes and easy commercial credit facilities for exports.

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