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Textile: Exports plunge by 20% MoM, Imports up by...

September 21, 2020 (MLN): The export earnings from the textile group witnessed a decrease of 15.35% YoY and 20.38% MoM to stand at $1 billion in the month of August’20. While, the imports of the textile group into the country were recorded at $218 million, showing an increase of around 38.45% YoY and 25.97% MoM when compared to the same period of last year and last month respectively.

The new waves of coronavirus in Europe and the USA led to a decrease in the trade volume of textile exports of Pakistan by 0.98% to $2.280 billion during Jul-Aug FY21 when compared to $2.302 billion recorded during Jul-Aug FY20.

According to the research by Intermarket Securities, the decline in exports can be attributed to the unprecedented torrential monsoon rains, which affected all transport and port activities in Karachi. Another reason was the unusual number of public holidays during the month – Eid holidays at the end of July and beginning of August, Ashura, and Independence Day.

According to the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities, the textile products remained the major exportable goods for Pakistan as it shares 63.61% in total exports during Jul-Aug FY21. Moreover, it is the crucial sector as it is a vital source of employment and production.

The textile group accounted for 5.59% of the total imports during Jul-Aug FY21 as per the data released by the Pakistan Bureau of Statistics, showing a growth of 21.09% YoY to clock in at $391 million.

On the exports front, within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bed wears, and Cotton Cloth.

The exports of the Cotton Cloth went down by 9.24% YoY to $294 billion. However, exports of Knitwear, Readymade Garments, and Bed wear witnessed an increase of 4.43%, 2.05%, and 5.93%, YoY to stand at $564 million, $477 million, and $424 million respectively during Jul-Aug FY21.

Meanwhile, the data from the Pakistan Bureau of Statistics revealed that imports of synthetic fibre decreased by 5.42% YoY, valued at $84 million during Jul-Aug FY21 while synthetic and artificial silk yarn jumped by 8.57% to stand at $78 million during the said period.

It is worth highlighting that the raw cotton import bill soared by 3.55 times YoY to $119 million. However, the export trading value of raw cotton plunged by 97% YoY to $233 thousand during Jul-Aug FY21.

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New common Expo Centers to be established in Punjab:...

September 21, 2020: Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood has said that new common Expo Centers will be established in four cities of Punjab to boost the industrial sector.

He expressed these views during an official visit to Gujrat Chamber of Commerce and Industries.

Abdul Razak Dawood said these expo centers will be established in Sialkot, Gujrat, Wazirabad and Gujranwala.

He recognized and appreciated the role of the industry in these cities for contributing to the overall exports of the country.

The Advisor underlined that for sustainable growth in exports, we need to diversify our products into the developmental sectors and find new markets, including Africa and the Middle East.

Razak Dawood apprised the representatives of the industry of various cost reduction measures, like tariff rationalization on raw materials and intermediaries, taken by the Ministry of Commerce, to enable the industry to manufacture their products on globally competitive rates and ensure value-addition.

Radio Pakistan

Implementation of M-8 project to improve connectivity of Gwadar...

September 21, 2020: Chairman CPEC Authority Asim Saleem Bajwa has said tender for an important section of M-8 construction has been issued.

In a tweet on Sunday, he said it will improve the connectivity of Gwadar Port, revolutionize the socio-economic development of the region and bring prosperity through addressing the long-term deprivation.

Radio Pakistan

Richest 1%’s emissions twice that of poorest 50%: analysis

September 21, 2020: The richest one percent of people are responsible for more than twice as much carbon pollution as the poorest half of the world's population -- 3.1 billion people -- new research showed Monday.

Despite a sharp decrease in carbon emissions due to the pandemic, the world remains on pace to warm several degrees this century, threatening poor and developing nations with the full gamut of natural disasters and displacements.

An analysis led by Oxfam showed that between 1990 and 2015, when annual emissions ballooned 60 percent, that rich nations were responsible for depleting nearly a third of Earth's carbon budget.

The carbon budget is the limit of cumulative greenhouse gas emissions mankind may produce before rendering catastrophic temperature rises unavoidable.

Just 63 million people -- the "one percent" -- took up nine percent of the carbon budget since 1990, research conducted for Oxfam by the Stockholm Environment Institute found.

Highlighting an ever-widening "carbon inequality", the analysis said the growth rate of the one percent's emissions was three times that of the poorest half of humanity.

"It's not just that extreme economic inequality is divisive in our societies, it's not just that it slows the rate of poverty reduction," Tim Gore, head of policy, advocacy and research, told AFP.

"But there is also a third cost which is that it depletes the carbon budget solely for the purpose of the already affluent growing their consumption."

"And that of course has the worse impacts on the poorest and least responsible," Gore added.

The 2015 Paris climate deal commits nations to limit global temperature rise to "well below" two degrees Celsius above pre-industrial levels.

But emissions have continued to rise since then, and several analyses have warned that without a thoroughly re-tooled global economy prioritising green growth, the pollutions savings due to Covid-19 will have an insignificant mitigating impact on climate change.

With just 1C of warming so far, Earth is already battling more frequent and intense wildfires, droughts and super storms rendered more powerful by rising seas.

Gore said governments must put the twin challenges of climate change and inequality at the heart of any Covid-19 recovery plan.

"It's clear that the carbon intensive and highly unequal model of economic growth over the last 20-30 years has not benefited the poorest half of humanity," he said.

"It's a false dichotomy to suggest that we have to choose between economic growth and (fixing) the climate crisis."

Commenting on the Oxfam report, Hindou Oumarou Ibrahim, an environment activist and president of the Association for Indigenous Women and Peoples of Chad, said that climate change could not be tackled without prioritising economic equality.

"My indigenous peoples have long borne the brunt of environmental destruction," said Ibrahim.

"Now is the time to listen, to integrate our knowledge, and to prioritise saving nature to save ourselves."

AFP/APP

Asian markets weighed by virus spikes and stimulus gridlock

September 21, 2020: Most Asian markets fell Monday following another disappointing performance on Wall Street with investors growing concerned about an uptick in infections in Europe and the US, as well as the lack of movement in Washington on a new stimulus.

After months of big gains around the world, fuelled by government stimulus and central bank largesse, equities are beginning to wobble, with analysts warning traders were taking profits as they consider the rally may have been overblown.

A key worry is a spike in new virus cases in key economies that have led to containment measures being reimposed.

Britain's government, noting hospitalisation rates are doubling every eight days, said fresh restrictions could be put in place across England, with several cities already seeing some measures.

Health Secretary Matt Hancock said the country is at a "tipping point".

France has seen death numbers creep back up and there are fears Madrid could be overwhelmed. New infection rates in the United States are also picking up again after dropping for weeks.

"Investors remain confused about which way to move... as lockdown fears take charge with the UK government sounding alarm bells as the Covid-19 curve moves in the wrong direction," said AxiCorp's Stephen Innes.

"After the initial economic bounce from full-blown lockdowns, both the UK and Europe's economic trajectory could be entering a gloomy second phase characterised by ongoing social distancing, elevated unemployment, and increasing damage to the supply side."

- 'Sensitive to uncertainty' -

Hong Kong, Shanghai and Sydney were all well down, with smaller losses in Taipei and Wellington, though Seoul was barely moved and there were gains in Singapore and Jakarta.

Investors are keeping an eye on Capitol Hill where US lawmakers are still nowhere near agreeing on a new rescue package for the beleaguered economy, despite millions of Americans struggling to make ends meet.

While Donald Trump has urged Republicans to lift their $500 billion offer, they remain miles apart from the Democrats, who are calling for around $2 trillion to be spent.

Federal Reserve boss Jerome Powell has warned that while the central bank can keep interest rates low and provide financial support to businesses, the economy needs a new shot in the arm from Congress to get its recovery back on track.

"Elevated equity valuation probably also means that investors have become a bit more sensitive to uncertainty," said National Australia Bank's Rodrigo Catril.

"So on this score we have to add the US elections early in November, plus the Fed's decision to refrain from increasing its bond buying at the September FOMC meeting... and the continued stalemate in negotiations over a new fiscal package."

Traders will be closely watching congressional testimony by Powell later in the week for fresh clues about the Fed's future policy plans.

- Key figures around 0230 GMT -

  • Hong Kong - Hang Seng: DOWN 0.7 percent at 24,285.59
  • Shanghai - Composite: DOWN 0.3 percent at 3,329.17
  • Tokyo - Nikkei 225: Closed for a holiday
  • Euro/dollar: UP at $1.1860 from $1.1845 at 2100 GMT on Friday
  • Pound/dollar: UP at $1.2954 from $1.2925
  • Euro/pound: DOWN at 91.55 pence from 91.61 pence
  • Dollar/yen: DOWN at 104.35 yen from 104.59 yen
  • West Texas Intermediate: UP 0.1 percent at $41.15 per barrel
  • Brent North Sea crude: UP 0.1 percent at $43.18 per barrel
  • New York - Dow Jones: DOWN 0.9 percent at 27,657.42 (close)
  • London - FTSE 100: DOWN 0.7 percent at 6,007.05 (close)

AFP/APP

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