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Leather export figures slump as Pakistan’s second largest exporting sector loses competitiveness compared to Bangladesh, India and China.
According to the Pakistan Tanners Association (PTA), leather exports are down 28% for the year as companies have to face higher operational costs.
Several factors are attributed to the drop in export figures including high electricity costs, frequent load shedding, persisting gas and water shortages and local taxes.
Hamid A. Zahur, PTA’s chairman claims "the leather sector is fast losing its global market share to its competitors due to sheer negligence of government and its subsidiary organisations”. He also stated that the low rate of duty drawback is damaging the leather industry's exports, compared to other regional countries as many local taxes and customs duties are not being refunded and export buyers cannot absorb these taxes in today's competitive international market. Zahur says the government policies are wrong and the leather industry is incurring heavy losses, besides facing serious liquidity problems.
Source: Business Recorder