Marble exports down 32%, amount to $39.46m

Industry official cites lack of support from banks as main reason for decline

KARACHI: Pakistan’s marble exports significantly declined to $39.46 million in fiscal year ended on June 2017, down 32% from $57.96 million in fiscal year 2016, according to All Pakistan Marble Mining Processing Industry and Exporters Association Chairman Sanaullah Khan.

According to Khan, the main reason for the sharp decline in exports is due to lack of banks’ support to the industry.

The industry is unable to get industrial loans and is forced to get bank loans on commercial rate, which discourages the industry to expand operations despite huge demand of Pakistani marble in different world markets.

Khan said that domestic demand of marble is also increasing with the growth in the construction industry, but the industry is unable to invest in latest machinery.

“What is discouraging for the industry is that it is unable to meet even the growing domestic demand,” said Khan.

Due to the indifferent attitude of the government institutions, even the leading marble exporters of Pakistan are looking into the domestic market to avoid losses due to high risk involved in export markets.

Industry officials believe the successive governments have failed in giving proper policies, which has also contributed to the deterioration of the marble industry. They also blame Pakistan Stone Development Company for the decline of the marble industry.

Pakistan’s big cities, especially Karachi has witnessed big housing projects, which boosted the demand of all construction materials including marble but the local industry is unable to provide quality products to these projects, said an official of a marble factory.

As a result, these projects are using imported marble, which can be supplied by the local industry.

Published in The Express Tribune, July 12^th, 2017.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.