ISLAMABAD, Feb 15: Exports of finished products surged by 18.55 per cent during the period July-January, 2002-03, over the corresponding period of previous year, according to provisional foreign trade figures compiled by the Federal Bureau of Statistics (FBS).

Nevertheless, their share in total exports ($6.14 billion) declined to 90.55 per cent as compared to the same period of previous year. This is attributable to over 24 per cent jump in exports of primary commodities which further raised their contribution to overall exports to 9.45 per cent, up 0.34 per cent from previous year.

Textile manufactures, with exports amounting to $3.92 billion, accounted for 63.84 per cent of the total exports. A 19.24 per cent rise in their exports translated into increase in their contribution to the export earnings from 63.76 per cent.

Nearly one-third of the proceeds from exports of textile manufactures were, however, accounted for by cotton yarn and cloth, that are intermediate products carrying very little, if any, surplus value, when considering the environmental, manual and energy costs involved in their transformation from raw cotton into semi-processed inputs of finished products.

The aggregate export of these two items amounted to $1.28 billion, denoting an increase of 10.34 per cent over the corresponding period of previous year.

Moreover, the cotton yarn was exported at a rate ($1,722.55 per ton) lower by $57 than the price fetched by it last year. Lower price failed to deter the members of a very vociferous Aptma from raising the quantity of their exports (315,238 tons) by 3.89 per cent.

Among the finished products, bedwear emerged as the top earner of foreign exchange with proceeds amounting to $690.25 million, that is, 32.43 per cent more than last year against an increase of 18.46 per cent in terms of quantity (125,081 tons).

Similarly, towels, tents, readymade garments and artificial silk & synthetic textiles fetched higher unit price and increased their dollar earnings by 20.19, 6.26, 24.62 and 23.84 per cent, respectively. The only item which registered decrease in quantitative exports was readymade garments. At $628.92 million, nevertheless, their comparative export earnings were second only to bedwear.

OTHER MANUFACTURES: This category, with its exports totalling $1.14 billion, too registered a positive growth of 8 per cent over previous year. In this, the share of tanned leather and leather manufactures was 32.04 per cent.