For reasons more geopolitical than economic and financial reliability, Pakistan has obtained from the IMF the approval of the EFF (Extended Fund Facility) program with the seventh and eighth tranches of 1.17 billion dollars. Will this be enough to save the exports of the leather sector which, according to data from the Pakistan Bureau of Statistics (PBS), have decreased by 18.99%?
China's central government has issued new guidelines to encourage manufacturers to invest in innovation, improve their competitiveness and lift people out of unemployment, writes @Leatherbiz. Leather was one of the industries to have increased investment by more than 20% during the first part of 2022. According to the state agency @China.org.cn, the RCEP Regional Global Economic Partnership unleashes the true potential of Chinese enterprises
Ongoing disruption of production in China and the supply chain through its ports causes problems for the global leather industry, says leatherbiz's "Market Intelligence" report. Jing Daily writes, that anger grows under the seemingly endless lockdown of Shanghai and the demands for emigration by Chinese entrepreneurs have soared. According to the Financial Times, wealthy people fleeing the country have increased because the recent wave of Omicron has left 26 million residents trapped in their homes and economic activities have stalled.
The trade value between China and the ASEAN leather industry in 2021 reached $16.47 billion, ranking 3rd with 15% of the value, and only lower than the EU (21.9%) and the United States (19.0%). The entry into force of the RCEP will have positive implications for bilateral industrial cooperation and economic and trade in the leather sector.
According to The Tribune, in Punjab’s Jalandhar leather district, “raw materials become expensive and export orders are canceled.” Enterprises in the leather supply chain were hit hard after the start of attacks by the Russian army. The most affected are manufacturers of sporting goods, utensils, tanneries, and leather products.
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