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I think Zardari is missing a trick. He should have asked Nawaz and Shahbaz Sharif to help in this issue, as they are highly regarded among the power circles within Saudi ARabia, especially King Abdullah. I'm sure his intercession and assurance would go a long way to settlind any doubts the Saudis have in regard to extending help towards Pakistan.
 
I hope this is the good news we were waiting for. Although to delay teh announcement until the FoP meeting sounds a bit fishy. It means, maybe there might be some strings attatched, like aproval from the IMF. I hope that is not the case.
 
This is indeed good news, considering the past record I have been expecting something like this to happen. Saudi help comes on most crucial moments, they've never let us down.
 

Thursday, November 06, 2008

KARACHI: Dean and Director of IBA, Dr Ishrat Hussain has expressed the opinion that keeping in mind the economy’s situation, Pakistan should accept IMF’s terms and conditions and receive aid from it.

He said that it is essential for the State Bank to continue with its tight monetary stance and in fact further increase interest rates as “this is the only way to control the economy.”

Dr Hussain explained that within a growing economy, inflation is expected to rise as people have improved spending power which leads to inflation. “You cannot have growth and low inflation at the same time and anyone who has studied economics should know that.”

Dr Hussain addressed the audience on Wednesday at the launching ceremony of ‘FPCCI Economic Review’, a quarterly economic journal which is a publication of the FPCCI research and cell department.

Referring to the research capabilities of Pakistan, Dr Hussain said that there is complete monopoly of the government and all the analysis and reviews that are published in the country are doubtful as they reflect what the government wants to portray and not the reality.

He said that most locally produced analyses are either without concrete facts and figures or borrowed data from international organisations such as the IMF, World Bank and United Nations.

He further commented that the State Bank of Pakistan’s annual report is the only independent report issued which is authentic and therefore it is eagerly anticipated by the people of Pakistan.

Following the launch of the FPCCI economic review, Dr Hussain expressed his relief over another independent business research journal and encouraged the federation’s R&D department to continue with the effort as an essential for the progress of the country.

He said that R&D can actually generate good revenue for the country as it is a sector within itself which can also create employment opportunities for the local people and therefore “we should work towards that and earn money out of research rather than ask for donations to conduct researches.”

The dean of IBA further articulated that to be a good researcher it is essential for him to be “cool minded and dispassionate” and “hard work, work ethics, team work and complementing each other are methods for progress.”

He said that the problem with Pakistan was that some “so called experts” were spreading misinformation in the economy as they attempted to interfere in all sectors of the economy and claim to know it best and often appeared in the media with their personally formed opinions which influenced the rest of the community.

Dr Hussain repeatedly stressed that such practices should be discontinued and Pakistanis should learn to conduct their own researches to find the right facts as misinformed people have cost the country adversely.

President FPCCI, Tanveer Ahmed Sheikh stated that “countries are now being replaced by economies and therefore business related issues cannot be discussed in isolation anymore and trade bodies now have more important and non traditional roles to play.”

It was announced that the FPCCI would follow this Economic Review with two more publications in the near future, namely: Business Performance Index and Trade Directory of Pakistan.
 

Thursday, November 06, 2008

ISLAMABAD: The government in order to qualify for the IMF loan of $7.5 billion under the newly created Short-Term Liquidity Facility (SLF) is left with no option but to endorse the economic policies of the last decade, a senior official told The News.

The SLF is available to emerging economies with a track record of implementing strong macroeconomic policies, but caught up in the global financial crisis, the IMF website says.

“If Pakistan is to formally move IMF for this loan, it would have to show that country has good track record of implementing good economic policies” the official said.

“If new economic mangers say that country did not perform well in the past, it will not be eligible to qualify for IMF’s Short-Term Liquidity Facility,” he said.

The purpose of this Facility is to provide large, upfront, quick disbursing, short-term financing to help countries with good track record to address temporary liquidity problems in capital markets. The IMF Executive Board approved the SLF on October 29.

Pakistan is to get 500 percent of its quota, which stands at $1.5 billion that amounts to $7.5 billion for two years.

“If the current government moves the IMF for the newly created SLF it would mean that Musharraf regime’s economic policies were in right direction that lifted Pakistan from low to medium income country,” the official said.

In the last Friends of Pakistan meeting held in New York the economic managers of the present government acknowledged that Musharraf regime’s economic policies were in right direction owing to which the macro economic indicators improved. President Asif Ali Zardari was also present in the meeting.

During that meeting it was acknowledged that the size of the economy swelled to $170 billion from $60 billion during the Musharraf regime and the per capita income also increased to over 1000 dollars from 500 dollars. The GDP growth increased to over seven percent for most of the period and foreign exchange reserves scaled to unprecedented height of $16.5 billion in October 2007.

The Zardari regime’s economic managers marketed the performance of the Musharraf regime in the Friends of Pakistan meeting in USA and also in Dubai talks with IMF to qualify the help of friend countries and IMF loan to bail out itself from the economic morass.

“This shows that Zardari regime has dual faces as it acknowledges before the world that Pak economy performed well in the last decade, but on domestic front it says that economic polices of Musharraf have ruined the economy.”

The economic wizards to qualify for their help the and IMF loan want the Friends of Pakistan to believe that the country performed well in last decade and its balance of payment situation has worsened due to global financial crisis and massive hike in oil and food prices.

The official said that Pakistan has now decided to place formal request to IMF after the meeting of Friends of Pakistan that is to be held in Dubai on November 17, as Pakistan wants to exhaust this opportunity first.

However, Friends of Pakistan and international financial institutions (IFIs) want to take IMF on board so that the Fund could monitor the economic policies of Pakistan and to ensure their financial help is being used properly.
 

Thursday, November 06, 2008

ISLAMABAD: Pakistan has so far signed three Free Trade Agreements (FTAs), of which trade balance with two countries is in negative while the remaining one shows marginal growth.

Trade balance with China and Malaysia was not in favour of Pakistan as imports from the two countries surpassed the goods exported to them during the outgoing fiscal, reveals official data compiled by the Ministry of Commerce.

The FTA between Pakistan and Sri Lanka signed in 2005 and with China in November 2006 while the FTA with Malaysia is operational from January 2008.

Trade balance between China and Pakistan is widening ever since the signing of FTA and it swelled from $2.95 billion in 2006-07 to $4.01 billion in 2007-08 while trade figures with Malaysia ballooned from $872 million in 2006-07 to $1.44 billion in 2007-08, it said.

There was a phenomenal growth in import of Chinese machinery and parts, chemical elements and compounds, fertilizer manufactured, yarn and synthetic fibers, construction material and others.

FTA with Malaysia is also in negative and the commodities imported from Malaysia include animal and vegetable oils and fats, chemical elements and compounds, machinery and parts and others.

The FTA between Pakistan and Sri Lanka is in favour of Pakistan as the trade balance is in surplus, however the exports registered only a nominal growth of $15 million when compared with the corresponding period.

The commodities showing surge in exports include rice and vegetables & pulses whereas cotton fabrics’ exports declined.

Sri Lanka would be able to enjoy duty free market access on 206 products in the Pakistani market including tea, rubber and coconut. Pakistan, in return, would gain duty free access on 102 products in the Sri Lankan market. These products include oranges, basmati rice and engineering goods.
 

Thursday, November 06, 2008

KARACHI: The foreign exchange reserves of the country declined to 6.75 billion dollars.

According to the State Bank figures, the foreign exchange reserves witnessing a further fall of 163.7 million dollars stood at 6.75 billion.
 

ISLAMABAD: The revised agenda of Executive Committee of the National Economic Council (ECNEC) is expected to approve 42 developmental projects of national importance worth Rs 311.533 billion including Rs 25.725 billion as Foreign Exchange Component (FEC) today (Thursday), reveals the revised ECNEC agenda obtained by Daily Times on Wednesday.

The previous agenda of the ECNEC consisted of 39 development projects worth Rs 262.456 billion including Rs 16 billion as FEC. However, in the revised agenda some new projects were included.

The revised agenda also included water and power related projects, which are of national importance, namely Diamer-Bhasha Dam – acquisition of land and resettlement project worth Rs 116.607 billion.

The meeting to be presided by Prime Minister Yousuf Raza Gilani today (Nov 6) will review the economic situation and challenges being faced by the country. All the chief ministers, provincial finance ministers and provincial planning and development ministers are likely to attend the meeting.

The revised ECNEC revealed that the Transport and Communication sector consisted of 16 projects worth Rs 47.365 billion with Rs 7.012 billion as FEC. Water Resources consist of five projects worth Rs 32.921 billion including Rs 3.078 billion as FEC.

The Energy sector consists of three projects worth Rs 118.701 billion including Rs 228.380 million as FEC, the Physical Planning and Housing (PP&H) has six projects worth Rs 70.618 billion including Rs 4 billion as FEC.

The Heath sector consists of two developmental projects worth Rs 27.191 billion including Rs 1.365 billion as FEC. The Environment sector has two projects worth Rs 2.232 billion including Rs 973 million as FEC. The Devolution and Area Development sector consists of two projects worth Rs 5.672 billion including Rs 5.275 billion as FEC.

The Education sector consists of a single project worth Rs 657.631 million including Rs 626.888 million as FEC. The Higher Education Commission (HEC) sector also has two projects worth Rs 2.006 billion. Social Welfare sector has only one project worth Rs 560 million, Culture, Sports and Tourism sector has a single project worth Rs 2.519 billion including Rs 2.120 billion as FEC. Industry and Commerce sector has one project worth Rs 1.085 billion including Rs 486.018 million as FEC. The Diamer-Basha Dam is a project of national importance keeping in view the ongoing water and power shortage in the country. The 272-metre high dam will be the highest roller compacted concrete (RCC) dam in the world with more than 100-kilometre long reservoirs. Live storage capacity of the reservoir will be 6.4 MAF and will generate 4,500 MW electricity.

The dam will contribute more than 18,000 giga watt-hours of electricity annually. This will also help the government to cope with the increasing demand of water. The project will also be an important step in increasing the ratio of low-cost hydel power in the national grid.

The pre-qualification process of the contractors has already been initiated and is likely to be completed soon. The construction on the project will commence next year following International Competitive Bidding (ICB).

Some of the important projects are the up-gradation of Karakuram Highway of Bhasha-Diamer Dam Project (Manshera to proposed Dam Site) worth Rs 12.058 billion, Revamping/Rehabilitation of irrigation and drainage system in Sindh worth Rs 18.516 billion, National Programme for Family Planning and Primary Health Care worth Rs 26.533 billion including Rs 1.365 billion, Sindh Cities Improvement Programme worth Rs 40.400 billion and many others.

The meeting also expected to approve a project namely, Extension of Motorway (M-4) from Shamkot to Multan with a distance of 39 km (Kot Rab Nawaz) and total cost of Rs 8.330 billion.
 
By Talat Masood

We pride ourselves, justifiably so, in having made the transition to democracy. But democracy does not mean merely an adoption of the ballot box. Our parliamentarians should take genuine interest in legislation and discuss national issues seriously

The expansion of the federal cabinet was long overdue. One could fault it for being unwieldy, especially at a time when the economy of the country is in distress, but the selection of ministers appears to be on merit and most of them have good political standing.

Regrettably, the government since its inception has not demonstrated a sense of urgency that the current economic and security situation demands. People justifiably expect that with the induction of a new team, this attitude would change and that the government will be more focused, professional, and will work with greater zeal.

Meanwhile, President Asif Zardari’s excessively large entourage of over 200 people to Saudi Arabia, from whom we are seeking financial assistance and an oil facility, would not resonate well with them or other multilateral donors. It also sets a poor precedent and sends the wrong signal back home.

The response of our leaders to the tragic earthquake in Balochistan was also disappointing. Surprisingly, neither the president nor the prime minister visited the quake survivors to express their sympathy and solidarity with them. Provincial governments could have ensured the security of the VIPs with assistance from the military. After all, President Bush, President Sarkozy and Prime Minister Brown have all regularly visited the most dangerous areas in Iraq and Afghanistan. Why are our leaders so scared and insensitive to the misery of their people?

A larger question needs to be answered by our leaders as well: for almost all our internal problems, whether these pertain to economy or security, why are we becoming increasingly dependent on foreign help? Instead of finding indigenous solutions to our problems, our success is now based on how much of assistance we can get from abroad.

We have lost our sense of pride and dignity as a people and as a nation. A country that is not economically viable cannot claim to be independent in the true sense. Little effort has been made by the government in the last eight months to improve the quality of the country’s economic institutions.

The highest priority at this point should be given to education. A significant reason for lack of progress is our dysfunctional primary and secondary education. This education fiasco is not because of a failure of our children. In fact, they are as good as any others, if provided the basic facilities. It would be unrealistic to expect growth in major sectors of the economy — agriculture, industry and services — without first-rate scientific and technical education.

Agriculture is a major sector of our economy, and yet it was grossly neglected during the previous regime and continues to suffer. We also need to widen and deepen our industrial base. Apart from implementing measures necessary for macroeconomic stability, monetary and financial policies should facilitate growth in the agricultural and industrial sectors.

Pakistan has had its share of difficulties more than most countries, mostly due to our own failures but at times forced by external factors. The current situation is indeed very challenging, but also affords an opportunity for us to revisit our destiny. We need to introspect as to what makes nations tick and what makes them fail. How do nations rise from obscurity and what ingredients give them vitality.

Economic dynamism is by far one of the most expressive forms of a nation’s vitality — as we are witnessing in China and to some extent in India, or as we saw in the growth of the tiger economies of East Asia. It takes the form of development of infrastructure in energy, communications and transportation. Investment starts flowing as other countries also develop confidence in economically dynamic countries.

Do we have the ability to bounce back from our present state? What should be done in the short and long term to ensure economic growth, political stability and domestic peace?

We pride ourselves, justifiably so, in having made the transition to democracy. But democracy does not mean merely an adoption of the ballot box. Our parliamentarians should take genuine interest in legislation and discuss national issues seriously, so that the government can formulate sound policies.

It was disappointing to learn that during the security briefing, attendance of parliamentarians was poor. It would be appropriate if the parliament also discussed the state of economy and major foreign policy issues, and made recommendations to the cabinet.

There is no doubt that the power in the country today lies in the hands of collective mediocrity. But our institutions were throttled by the military regime and the country has to go through this transitional phase before a new generation of more capable leaders will emerge. The current weakness or inexperience of our leaders could be partially offset if they draw strength from institutions and refrain from ad-hoc decision-making.

There are some obvious shortcomings in our democratic dispensation. First, the political parties, in power or in the opposition, have to be more democratic and less dynastic. It would be electrifying if leaders are chosen on the basis of merit and not on lineage or ‘feudal power’. The rise of Barack Obama to the US Presidency shows how fair play and strong institutions facilitate the emergence of good leaders.

As Pakistan has a parliamentary form of government, the prime minister, and not the president, should be the focal point of executive and political power. The current aberration has to be removed and the president should play the classic role of head of state and be more inclusive. What Pakistan needs is more democracy, not less, to progress.

Development of civil society is also essential for giving vitality to a nation. The lawyers’ movement and several NGOs have helped in this regard. It is unfortunate that the previous regime suppressed such movements instead of embracing them.

The present government too feels uncomfortable with the lawyers’ movement, but it has to realise that the issue of judges will not go away until resolved amicably. No country can claim to be civilised or modern until it has a sound and independent judiciary.

The writer is a retired Lieutenant General of the Pakistan Army. He can be reached at talat@comsats.net.pk
 

ISLAMABAD (November 06 2008): The Cabinet on Wednesday approved a package of Rs 1.2 billion for textile sector provide relief in interest rate for loans to spinning sector, and research and development (R&D) support to textile and clothing industry. Under the package, mark-up reimbursement facility has been extended till June 30, 2009, and the spinning sector will be allowed reimbursement @ 3 percent, for which approx Rs 1.2 billion will be required.

Giving details of the Cabinet meeting, held with Prime Minister in the chair, Minister for Information Sherry Rehman said that measures to provide relief in the interest rate for loan to spinning sector and R&D support to textile and clothing industry has been approved.

She said that the meeting decided in principle to reinstate all government employees sacked after dismissal of Pakistan People's Party's government in 1996. All those employees, who were provided employment by PPP during 1993-96 and were removed from service later, would be reinstated with seniority and back financial benefits.

She said that the sacked employees of Sui Southern Gas Company were also included in the package and the Prime Minister has constituted a special committee to assess the financial implications, oversee the decision, and ensure its implementation.

She said that the government has also decided to release 50,000 tons sugar in the market to bring down sugar prices, whereas 3.4 million tons wheat stock is available with the government.

Moreover, the Cabinet also approved a bill against harassment of women, and the government would present a set of legislations on sexual harassment at workplace. The legislation titled 'Protection from Harassment at Workplace Act' (PHWA), would also include amendments in Pakistan Penal Code (PPC) and the Code of Criminal Procedure (CCP).

The government would also introduce 'Smart Electricity Meters' (SEM) to eliminate complaints of inflated and manipulated billing to consumers because such complaints have been received in the big cities of Karachi and Lahore.

The Minister dispelled impression that a huge Cabinet was a burden on the kitty. She said that the government was criticised for not appointing allministries when it was running the affairs with 15 ministers. Now, it is being criticised for appointing ministries for all divisions.

The Minister said that the present cabinet was neither biggest in the history of Pakistan nor salaries of Ministers would be more than the Members of National Assembly. She explained that the salary of a minister is less than an MNA.
 

ISLAMABAD (November 06 2008): The United States will provide wheat worth $200 million to Pakistan, on deferred payment of two years, under GSM-102, while the government has decided to provide $100 million to the Trading Corporation of Pakistan (TCP) for purchase of urea, Business Recorder learnt here on Wednesday.

Earlier, in September, the government had decided to import 0.25 million tons wheat from USA, on deferred payment of $100 million, and another $115 million grant was being given by the US authorities to overcome shortage of wheat in the country. In this regard, the Food Ministry also informed the government that by October, wheat import agreements with US would be finalised.

The country would have to face a lot of problems in case of import of wheat from US, because the American embassy was reluctant to accept all specifications of Pakistan government. Pakistan wanted that each consignment of imported wheat should be checked at American ports, before loading, and cleared by the Plant Protection Authority that the consignment was disease-free. So, the matter got delayed.

In 1996, India had also rejected wheat import from US for reason of inferior quality. Two diseases, Kernel Bunt and Tellitia Walker, are very frequently observed in American wheat, besides several weeds. In international market, the price of wheat is $245, against last year's $333, per ton thus indicating a decrease of 26 percent over last year. Even the meeting between the representatives of American embassy and the Food Ministry, held on July 31 to finalise the modalities about wheat import, did not prove to be fruitful.

But an official on Wednesday told this scribe that US has agreed to all specifications of Pakistan and it would soon provide wheat worth $200 million in spite of $100 million on deferred payment. The official said that the government has provided $100 million to Trading Corporation of Pakistan (TCP) for import of 250,000 tons urea.

"In this regard, TCP will open tenders on November 11. First tender will be opened for import of 0.1 million tons, while the next one for the import of wheat of the same quantity will be opened on November 30 and, on December 15, a tender for the import of 50,000 tons wheat would be moved", he said.

Use of urea in most parts of the world has increased over past some years. That is why urea consumption in India and China has increased considerably. Pakistan's requirement of urea in Rabi is 2.6 million tons and, according to official data, the stocks available with the government are of 2.2 million tons. But with an increase in prices of the fertiliser in international market, which touched $800 per ton, the price in Pakistan remained below $200 per ton. This huge difference prompted the dealers to resort to smuggle the commodity. Urea would be imported through both Karachi and Gwadar ports.
 

KARACHI (November 06 2008): Among the three textile segments, only one--composite sector--has shown positive growth of 12 percent in profits at Rs 1.5 billion in the first quarter (July-September) of FY09. The net sales of this segment grew by 34 percent to Rs 30.3 billion, primarily on the back of rupee depreciation, enhancing rupee-based export sales, Bilal Hameed, an analyst at JS Global Capital, said.

Gross margins, hence, improved by 450 bps to 21.3 percent. Negative impact on profits came from financial charges, which rose by 117 percent due to higher interest rates, and 34 percent fall in recurring other income, he said. The spinning sector plunged into losses during this period as it booked net losses of Rs 474 million, as compared to profits of Rs 249 million in the same quarter of FY08.

Sales improved by 20 percent, whereas gross margin stood at 12.5 percent, depicting an increase of 100 bps. Conversely, financial charges went up by a considerable 79 percent to Rs 1.5 billion. Other income and share of profit/loss from associates turned negative also, causing bottom line to dip.

The weaving sector also remained in losses as net losses amounted to Rs 24 million, against loss of Rs 5 million in the same period of last year. Although good growth in revenue and gross profit was witnessed, profits in the weaving sector were again victim of higher financial charges.

Similarly, other income, as in other segments, declined by a good 92 percent, providing no support to the bottom line. The analysis is based on a sample of 12 textile composite, 6 weaving and 25 textile spinning companies, representing 78 percent, 94 percent and 70 percent market cap of their respective sectors.
 

By MUBASHIR HASAN

MADINA - Saudi Arabia has agreed to give $4 billion to Pakistan and provide oil facility on one-year deferred payments.

It has been learnt from reliable sources privy to the meeting held here the other day between King Abdullah bin Abdul Aziz and President Asif Ali Zardari. Advisor to Prime Minister on Finance Shaukat Tarin assisted the President during the meeting.

‘A formal announcement in this regard will be made at the meeting of the ‘Friends of Pakistan’ to be held on November 17 at Abu Dhabi’, said the source, adding, that Pakistan was aiming to accumulate $25 billion, which were being considered enough for bringing the economy back on track for the next 10 years.

‘Moreover, King Abdullah during the one-on-one meeting with Zardari has also agreed to provide oil to Pakistan on one-year deferred payments, for which the agreement is expected to be signed soon’, confided the source to The Nation, maintaining that President’s visit had come at a time when Pakistan direly needed money to tide over its trade and budget deficits.

Moreover, Pakistan had contemplated a short-term loan from the International Monetary Fund, but sources said this would be its last resort, given the IMF’s stringent conditions.

‘An oil facility from Saudi Arabia could help the country avoid the IMF loan, or at least put it on a better footing to negotiate for more favourable conditions’.

Prime Minister Syed Yousuf Raza Gilani had requested the Saudi govt for the deferred oil payments during his visit to Saudi Arabia in July, mentioned the source.

The sources said Zardari had held talks with King Abdullah during a two-day visit, and the two leaders had also discussed the recent Saudi initiative in bringing the Afghan government and Taliban leaders to the dialogue table. ‘Economic, political and military cooperation between the two countries goes back several decades. Both the leaders are expected to sign a number of agreements on cooperation and investment in various sectors, while Zardari is also expected to ask Saudi businessmen to invest in Pakistan’s various sectors’, said the sources.

Sources said Pakistan needed more than $5b within a month to meet its international obligations.

‘The Friends of Pakistan’ nations include the US, UK, France, Saudi Arabia, China, the UAE and several other countries, which are meeting in Abu Dhabi on November 17 to devise ways for stabilising Pakistan’s economy’, added the source.

will Pakistan have to return this $4bn? any info?
Is there any interest charged on the deferred payments for oil?
 
will Pakistan have to return this $4bn? any info?
Is there any interest charged on the deferred payments for oil?

Good question!
I recall the situation after May '98 when Pakistan was facing another and more severe economic malaise Saudi's granted soft loans and supplied oil on deferred payments for more than a year. The loan and differed payments were written off.

Same might happen again if we play the cards right.
 

ISLAMABAD, Nov 6 (APP): Pakistan is keen to export its products to Malaysia and welcome a reciprocal move towards enhancing bilateral trade between the two countries by doing so, both of them could establish a chain of business activities for mutual benefit.
This was stated by Nusrat Iqbal Jamshed, Director General, Trade and Development Authority of Pakistan (TDAP), in Karachi last night, while talking to 8-member delegation of Malaysian and Brunei journalists who are on a ten-day working visit to Pakistan.

Nusrat said, “We would like to be involved in activities such as the marble industry, textile, handicraft, pharmaceuticals, carpet, fish and fish preparations while Malaysia could export its expertise and investments in palm oil, rubber and tin. “Karachi can be a reservoir and hub for Malaysian investment activities for Malaysian export to other countries, he added.

Director General TDAP said that currently bilateral trade between the two countries is in Malaysia’s favour and Malaysia’s exports to Pakistan stand at round US $1.7 billion while imports are at only $104 million.

The two countries have signed a Free Trade Agreement (FTA), which was implemented in 2006.

It was enlarged in its scope through the Malaysia Pakistan Closer Economic Participation (MPCEPA) agreement last year.

The MPCEPA is Pakistan’s first comprehensive agreement on goods, services, investment and economic cooperation with any country in the world. It is also the first such agreement between the two members of the Organisation of Islamic Countries (OIC).

The agreement is also Malaysia’s first with a country in South Asia.

Nusart said that 61 percent of Pakistan’s exports are in textile and clothing particularly raw cotton, yarn, fabrics, garments, tents and canvas while a further 23 percent relates to rice, leather and leather products, sports goods, wool, carpets, surgical instruments and petroleum products.

Fish and fish preparations, fruits and vegetables, chemical products, pharmaceuticals, marble and granite, gems and jewellery, IT, meat and poultry and cement represent seven percent of exports with the balance being other types of goods.
 
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