Economy, Business And Markets

Mineral Exports Decline

Mineral Exports DeclineMineral Exports Decline

Mineral exports have declined by up to 50% in recent months in view of lower demand caused by price fluctuations and emergence of new suppliers, said secretary of the Association of Producers and Exporters of Mineral Products, Kamran Vakil. He also blamed low efficiency and shortcomings in the country’s economic structure for failure to secure a strong presence in global mineral markets. He also criticized banks, pointing that they grant loans to the manufacturing sector at 22% interest rates whereas the manufacturers’ profit is only between 15 and 20%. He emphasized the need for fundamental changes and long-term planning in the mining sector, observing that the sector is affected by sudden policy changes whenever a new administration comes to office.