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Pakistan textile sector fears further decline in exports

14
Jun '12

 

Textile exports from Pakistan have plummeted by US$ 1.3 billion over the last seven months and they would fall further by US 2 billion by end of the current fiscal, if the Government fails to sanction the proposed sum of Pk Rs. 30 billion for local duty drawback in the Budget, Pakistan Textile Exporters Association (PTEA) has said.
 
PTEA Chairman Rana Arif Tauseef said that except for the initial three months, textile exports have continuously declined by about 10-19 percent over the past seven months, and the negative trend is likely to continue, rather expand, this month.
 
Talking about issues impeding textile exports, the PTEA chief said that large sums of exporters are blocked in local duty drawback scheme, customs rebate, federal excise duty and sales tax refunds. 
 
If these blocked sums are released immediately, it would help the exporters to boost their exports. Considering this, the Textile Ministry proposed making a provision of Rs. 30 billion for local duty drawbacks, however, the proposal has not been included in the Budget, Mr. Tauseef lamented.
 
He urged the Government to act immediately in view of the issues confronting the textile exporters and the slump in exports, and urgently sanction the sum proposed for duty drawback.
 
He said that as the exporters pay a 0.25 percent export development fund, the proposed fund should not be apportioned to Trade Development Authority of Pakistan (TDAP), but to the exporters to allow them to boost exports.
 

Fibre2fashion News Desk - India


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