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1st Half: Jewellery exports down to quarter, gold imports almost double

1st Half: Jewellery exports down to quarter, gold imports almost double

KARACHI: Jewellery exports have declined by 75 per cent during the first half of the current fiscal year to $219 million from $ 970 million in the period from July to December in FY 2012-13 according to data provided by Pakistan Bureau of Statistics (PBS).

On the contrary, imports of gold have risen almost twice in quantity (92%) to around 4,000 kg worth $ 162 million during the first half of this fiscal year compared to 2,042 kg worth $ 111 million during first half of FY 2012-13, PBS data showed.

The government has again imposed a temporary ban of 30 days on the import of gold under SRO 760 and its commercial imports under Import Policy Order 2013 effective from January 20. Earlier the government suspended gold imports for 30 days on July 28, 2013.

The import is banned citing gold smuggling to India where duty on import of gold has been increased. The decision, the government believes, will help curb smuggling without affecting the legitimate demand-supply position of gold in the country. The exports, however, will continue without any restriction.