The former Chairman, Pakistan Readymade Garment Manufacturer and Exporters Association (PRGMEA), Ijaz Khokhar has said that the exports of the country has been decreased to 50 percent due to load shedding and insufficient supply of gas to the industrial sector.
In an interview with Business Recorder on Sunday he added that in the present economic scenario of United States of America and Europe, there was 40 percent shortfall in the exports because, the USA and European countries were the major buyers of Pakistani products.
Khokhar further said that under the country's prevailing situation and international economic pressure, attaining of the fixed export target was not possible. Various factors together had forced the export sector towards negativity, he pointed out.
The former PRGMEA Chairman stated that these hard-hitting factors were also damaging the creditability of Pakistan's exporters in international market because the foreign buyers were hesitant and not so keen in placing export orders.
Widen trade deficit, which was enlarging drastically and shooting up without facing any barrier, was another major threat to the national export, he observed. Time and again increase in petroleum prices and high electricity tariff has complimented to the problems for the industrial sector especially, the exporters in fulfilling their foreign orders.
Because, cost of production has been increased to manifolds he added. Ijaz Further, PRGMEA Chief told that the garment industry was the major industry, which was using foreign components like dyeing chemicals, zippers, machines, spare parts, buttons and lining and the prices of these articles have been increased to 200 percent as compared to previous years.
Apart from this, million meters of cloth has also been struck up with dyeing mills due to insufficient gas supply to the mills he revealed. Ijaz also said under the prevailing situation, no foreign buyer would prefer, not to place new export order to Pakistani exporters, resultantly national exports would face a serious blow.
Sialkot, an export-oriented city and hub of cottage industry, was directly in the clutches of price hike, where business community was facing serious problems in their production activities.
Especially, the situation has pushed them behind restraining them from the competition in the global market due to high cost products and interrupted electricity supply, he said.
Former PRGMEA Chairman further said it is very unfortunate that the government and the concerned ministries had done nothing so far to bring out the industrial sector from serious crisis and economic pressure that has stressed their production activities largely.
'It is high time that we should demonstrate national spirit and patriotism to bring out the country from the multifarious problems and ensure economic stability,' he said.
Further, he appealed to all political leaders including President Asif Ali Zardari, Mian Muhammad Nawaz Sharif and business tycoons to demonstrate jingoism and bring back their foreign reservoirs voluntarily in order to get rid of the foreign loans and tracking the country on a right direction.