KARACHI, June 13: It is estimated that the country has suffered around $100 million in exports by keeping activity suspended at Port Qasim on Friday for the celebration ceremony of achieving $10 billion mark in exports.

President Pervez Musharraf inaugurated the celebration and due to security reasons the entire Port Qasim was closed for all sort of activity from mid-night Thursday, including suspension of port and cargo handling operations.

The shipping lines through circulars informed exporters to ensure that cut-off time for scheduled voyages was fixed at 23:59 on Thursday, June 12. Consequently, no container was allowed to be gated in at Port Qasim on Friday, June 13.

Exporters lamented that due to sudden change in shipping schedule a large number of LCs must have expired and it is estimated that at this peak season when every exporter strives hard to meet the target and utilize maximum funds from Export Finance Scheme of the State Bank ahead of June 30, the damages could be colossal to exports.

They further said that in case any exporter do not utilize export finance facility within due date he has to pay penalty and similarly, for renewing LCs, only if the buyer allows, he has to pay extra charges to a bank.

Even a single day delay in shipment results in expiry of LCs and what to talk of keeping the port activity suspended for nearly two days, another exporter requesting anonymity said.

Undoubtedly it is a historic event and the nation should celebrate such achievements but we fail to understand why this is being celebrated at the cost of exports. The maturity demands that any event at national cost is not worth celebration no matter how big the achievement may be, exporters said.