According to the annual report for the financial year ended June 2004, recently released by the State Bank of Pakistan, the country’s leather products industry has improved dramatically.

On a year-on-year basis the industry grew an impressive 31.7% compared with 2003 – when a fall of 2.5% was recorded against 2002. The change of fortunes in the leather products industry has been attributed to an increase in exports, which rose 7.2% to reach $744.1 million.

Pakistan’s economy on the whole also showed signs of a medium term recovery, reporting growth of 6.4%. This figure is not only higher than the 5.1% increase in fiscal 2003, but it also exceeds the 5.3% GDP growth target for the year.

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