KARACHI, March 31: A joint meeting of the Export Promotion Bureau (EPB) and the Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA) has lowered the export target for 2002-03 of leather, leather garments and products to $590 million.

The new export target of leather, leather garments and products is 12 per cent below the export figures of $672 million for 2001-02.

The meeting, held on Saturday and chaired by EPB chairman Tariq Ikram, also noted that leather garments exports are expected to be

$235 million for 2002-03, which show a drastic decline of 27 per cent, as compared to the exports of $321 million achieved last year.

The conservative target for 2003-04 of total leather and leather products is estimated to be $635 million, while the target under normal conditions is fixed at $650 million.