Pakistan Hosiery Manufacturers & Exporters Association (PHMEA) on Monday expressed concerns over the appreciation of Pak rupee against dollar, which has a serious impact on exporters. "The appreciation of rupee against dollar during your tenure is no doubt a very good sign; however, this has seriously impacted our exports," says the PHMEA letter to Federal Finance Minister Ishaq Dar.
In the letter, Chief Coordinator, PHMEA, Javed Bilwani said that the foreign buyers signed deals with Pakistani exporters three to four months ahead of the shipments. "Exporters, who have taken orders on the costing before the increase in value of rupee, will be seriously affected as by the time payment is realised there would be a difference of approximately seven percent as the exchange rate of dollar against rupee was Rs 108.46 on December 12, 2013 and Rs 100.90 on March 10, 2014," he said.
He said that the exporters were striving hard to retain their share in the global market just at 4 to 5 percent of margin of net profit, adding that the strengthening rupee value will left them 'ruined'. He said the rupee value grew during November and December last year which is always a peak booking period for the exporters to strike deals with foreign buyers for next summer season. He requested Ishaq Dar to spare time for a meeting with the value-added textile products exporters to evolve a policy that may support the struggling sector to earn foreign exchange for the nation without getting affected.
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