All out efforts to help exporters to keep up pace of growth : Humayun
By Ali Imran

ISLAMABAD—Commerce Minister Humayun Akhtar Khan Wednesday said all out efforts are underway to help the exporters to keep up pace of exports which registered increase of 23.9 percent in the month of November 2006 as compared to the corresponding period of last year.
Speaking at a press conference here today he said exports have registered an increase of 5.8 percent in the month of July 2006, 7.6 percent in August and 23.9 percent in the month of November 2006. While the growth in import slowed down to 10.4 percent during July- November 2006 as compared to 54.3 percent during the corresponding period of the last year, he added.
This, he said, has slowed down widening of trade deficit, which is evident from the fact the growth in trade deficit during November 2006 was 17.9 percent as compared to 147.5 percent during first five months of the last financial year. He said “this is an extremely positive trend and its sustenance shall enable us to achieve the export target of $ 18.6 billion”. The most heartening aspect is that export of textile and clothing to EU and USA, which account for more than 50 percent of export of textile and clothing, have increased, he added.
He said it has been decided that trade figure released by Federal Bureau of Statistics (FBS) in future will also include data on services export and imports. FBS is compiling the figures of export of import of services, he said adding, the export of services during July-October amounting to $1.048 billion against import of $2.608 billion for the same period. Humayun Akhtar said this year better cotton crop is expected which will boost value added products of textile and clothing.
He said we are attaching high importance to the trade diplomacy which is now bearing fruit as Pakistan has gained market access to China through recently concluded FTA which will spur exports particularly of home textile to the market. Commerce Minister said the local exporters are facing problems of competitiveness due to higher input cost as compare to the other countries including China, India and Sri-Lanka. However, he said, the government is trying to provide level playing field to the exporter enabling them to compete in the world market and enhance exports of the country.
He said government has also announced incentives of R&D support on ready made garments and this facility has been extended to dyed/print fabrics and home textiles. The refinance rates have been brought down to 7.5 percent from 9 percent and Long Terms Financing for Export Oriented project (LTF-EOP) has been amended and interest rate brought down to a maximum of 7 percent from 9 percent to provide concessionary financing to export oriented products, he added.
Humayun Akhtar said Freight subsidy is also available and scope has been widened and government is facilitating participation in exhibitions opening of warehouses. Moreover, he said, the Prime Minister has also set up a High Power committee to resolve the problems impacting textile industry.