39474
Pakistan Trade Deficit Widens
World Economy

Pakistan Trade Deficit Widens

Pakistan’s trade deficit widened by 5.5% during the first nine months (July-March) of the financial year.
Trade imbalance, gap between exports and imports, was registered at $1.85 billion in March 2016 as against $1.51 billion of February, showing an increase of 22.41%, APP reported.
Trade deficit was recorded at $16.9 billion during July-March of year 2015-2016 as against $16 billion in the corresponding period of the previous year, according to the latest data of Pakistan Bureau of Statistics.
The country’s imports went down by 4.22% to $32.5 billion from $33.9 billion of the previous year. Meanwhile, exports reduced by 12.92% to $15.6 billion during the same period from $17.9 billion of the same months of the last year.
According to the PBS data, exports showed a decrease of 2.74% in March 2016 as against its preceding month of February.
The country exported goods worth $1.74 billion in March as against $1.79 billion of February 2016. However, imports went up by 8.78% to $3.6 billion in March 2016 from $3.3 billion of February 2016.

  Letter to IMF
Pakistan, in letter of intent written to the International Monetary Fund, stated that its exports are declining during the ongoing financial year, reflecting lower commodity prices, ongoing energy shortages, security and business climate challenges, the weak cotton harvest, and the continued appreciation of the real effective exchange rate.
Meanwhile, the IMF noted that Pakistan’s current account deficit is expected to remain at about 1% of GDP this fiscal year as the lower oil import bill is partly offset by falling exports.
Growth in non-oil imports, in part linked to the weak cotton harvest, and a more moderate growth in remittances are also weighing on the current account.
Gross international reserves have been steadily increasing and stood at $15.9 billion in December 2015, covering four months of imports.
Further progress remains warranted and is expected with reserves projected to reach $17.5 billion by end-FY2015/16.
The government had recently announced much delayed Strategic Trade Policy Framework (2015-2018) to enhance country’s exports to $35 billion by the end of June 2018.
Last fiscal year exports were recorded at $25 billion. The government set unrealistic export target amid improving export competitiveness, increasing share in regional trade, and transition from factor-driven economy to efficiency-driven and innovation-driven economy.

 

Short URL : http://goo.gl/ic47RO
  1. http://goo.gl/gjBVU7
  • http://goo.gl/yrEx4k
  • http://goo.gl/wYYTq7
  • http://goo.gl/CkUPhl
  • http://goo.gl/p8aEN5

You can also read ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...

Trending

Googleplus