Shahid Mahmud, acting chairman of Pakistan Tanners Association (PTA), central region, has said that he is vehemently opposed to a 0.5% increase in export finance rates announced by the State Bank of Pakistan on October 31. It is felt that the new rates will hit the valued added leather and finished leather products industries.
The leather industry, which is already facing problems due to the international recession as well as a difficult internal business and economic situation, said that the new tariff could close some manufacturing units down.
The leather industry has registered a decline in exports of 29% between July to September 2009 according to the Federal Bureau of Statistics in Pakistan.
Therefore, the increase in bank interest rates would further aggravate the situation and could damage the country’s second highest foreign exchange earner after textiles.
Mahmud added that this is a very crucial time for the industry when the high season for the leather and leather products industries is about to commence. The increase in the export re-finance rates at this stage could crush the value added leather sectors. He urged the government to immediately withdraw the decision of the state bank to increase the export finance rates in order to stop further declines in exports of leather and leather products.
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Where from the following options do you see the leather making industry most likely heading in 10 years time?
- 23 - 25 March, 2010
Australian International Sourcing Fair-AISF - 29 - 31 March, 2010
APLF - 30 March, 2010
Eco Trends in Leather Conference - 13 - 16 April, 2010
FIMEC - 07 - 09 May, 2010
Footwear Materials Manufacturing & Technology, India 2010 - 01 - 03 June, 2010
Guangzhou International Leather Exhibition - 08 - 10 July, 2010
Malaysian International Footwear Expo 2010 - 08 - 10 July, 2010
Malaysian International Leather Products Expo 2010 - 29 - 31 August, 2010
Australian Shoe Fair - ASF - 01 - 03 September, 2010
ACLE 2010 - 14 - 17 September, 2010
Le Cuir A Paris - 12 - 14 October, 2010
Lineapelle - 12 - 14 October, 2010
Tanning Tech /Simac - 01 - 03 March, 2011
All African Leather Fair - 4th edition
