PR Resource – Muarateweh.net

Source: ChinaStakes

At a time when China’s exporters are screaming for help and factories for export goods are shutting down, it is astonishing that the highest monthly trade surplus in China’s history, $35.239 billion, occurred just last month.

According to statistics from China Customs, Chinaâ€â„¢s October exports reached $128.327 billion while imports totaled $93.088 billion, growth of 19.2% and 15.6% year on year, respectively. The trade surplus during the first ten months of 2008 totaled $215.99 billion.

According to a report from Moody’s, issued yesterday, China’s imports are falling more quickly than exports, so in recent months Chinaâ�¬â„�s trade surplus is still very high. But the recent economic stimulation package put out by the State Council to promote infrastructure construction will likely boost demand for imported goods, so imports may rebound in the near future. (continue reading…)

The Textile Machinery Manufacturing Industry report provides in-depth analysis of the industry’s key financial data, cost and pricing, competitive landscape, industry structure, and trends and opportunities.

Find in this new report complete 2007 data and outlook into year 2012 for the industry represented by the 6-digit NAICS code 333292. This 158-page report also includes the most recent information on the global market and overseas growth opportunities. This detailed information resource contains at least 5 years of independently researched industry statistics cross-referenced with the relevant U.S. and international economic indicators. All data have been verified to ensure the highest quality.
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Trade promotion strategy of the country has not kept pace with the changing global and local environment which has impeded the ability of exporters to fully exploit potential markets.

Economic experts regret that the previous government ignored the swelling imports simply because it could manage the trade deficit by selling the ‘family silver’ to foreign investors. What surprises them more is that the present regime has also not taken any step to put a brake on excessive imports. They say if the trade gap in July, the first month of this fiscal year, is an indicator then the deficit might cross $25 billion this year.

Faisal Qamar, a chartered accountant, commenting on the issue says the economy will completely slip out of government’s hands if some drastic measures are not taken immediately to reduce imports and accelerate exports. In recent years, he says, the Trade Development Authority of Pakistan and to a lesser extent the Engineering Development Board have been trying to promote exports through participation in international trade exhibitions. On the other hand, he adds, the Ministry of Commerce and the Ministry of Textiles have been striving to resolve the issue of high cost of doing business in the country keeping in view the facilities provided by competing economies for their exporters. (continue reading…)

Country’ export sector lacks the capability to capitalize on the depreciation of rupee against the US dollar due to various constraints.

“It is true that weakening of local currency does results in increasing export revenues, however, in the present circumstances this phenomenon needs to be revisited as far as the local exports are concerned”, according to people in the export-oriented sector.

It may be noted that rupee fell sharply against the dollar in the local market in recent days and the greenback closed at Rs 76 on Wednesday. On the one hand, the devaluation of rupee is distorting the trade balance because of burgeoning of trade deficit while on the other, the export sector is unable to benefit because of capacity constraints. “Temporary benefits could be enjoyed by the export sector by weakening of rupee, but this is not sustainable in the long runâ€Â, says Zubair Motiwala, former President Karachi Chamber of Commerce & Industry (KCCI).
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Every day we hear about problems faced by the textile industry in Pakistan, with high cost and low prices offered by buyers.

I have been working as a buyer in a sport apparel company in New Jersey for three years and before that I was an assistant buyer for a home textile importer for almost two years. I have worked with many companies from various countries.

My experience with Pakistan’s businessmen is that many are not good salesmen (exceptions are there). They don��€™t know how to get better prices for their product. We buy huge quantities of apparel from Nepal, India, Sri Lanka and Bangladesh but their salesmen are tough negotiators as compared to Pakistanâ€�¢s.

If I tell a Pakistani salesman that I am getting X prices from his competitor in Pakistan, then this gentleman will immediately reduce his prices by five to Ǫ per cent, without even giving second thoughts. In fact I was just bluffing and the salesperson falls into my trap. (continue reading…)

(Muara Teweh via Fibre2Fashion) Pakistan Apparel Forum (PAF) has urged the Government to discontinue export of cotton as soon as possible, if they want to save the crumbling apparel industry of the country.

The demand of cotton from domestic enterprises is much more than the total cotton produced in Pakistan and on top of it if the authorities allowed export of cotton, there is bound to be shortage, resulting in increased prices of cotton, the brunt of which ultimately will have to be borne by the garment producers.

In 2007- 08 the total production of cotton in Pakistan was around 12.6 million bales, whereas annual requirement was nearly 15.5 million bales. As a result, the country has to import lint worth Rs 50 billion yearly to meet the shortfall of approximately 3 million bales. (continue reading…)

Following the verdict of Union Government to scrap 14 percent duty on import of cotton, prices of the raw material in the domestic market are showing all the likelihood of a climb down. Evidently, the real motive behind this step taken was to ensure that the garment and textile industry which was until now reeling under the pressure of high prices, is benefited.

In an exclusive interview with Fibre2fashion, Mr Rahul Mehta, President of Clothing Manufacturers Association of India and Vice President of Asian Apparel Federation opined, “I think this is a very positive step taken in the right direction. Exports from India are primarily cotton-centric, and in the last few months, apart from inflation in general the sky-rocketing prices of cotton was killing the industry. This measure announced by the government will go a long way in calming down the prevailing havoc, and will certainly make our garments more competitive in the global market.â���
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