Home Business Declining Exports From Pakistan

Declining Exports From Pakistan

Declining Exports From Pakistan

Lahore 31 July 2017: In recent times, Pakistan’s trade deficit has knocked a record level of $30 billion in 2016-17, demonstrating a jump of 42% as compared to the last financial year. Exports have declined by 3% to $18.5 billion while imports have gone up by 21% to $48.5 billion.

The President of All Pakistan Business Forum (APBF) – Mr. Ibrahim Qureshi expressed his concerns and stated: “This decline is disconcerting, since our country has never faced imports being two-and-a-half times of the current exports. Pakistan faces this unprecedented trade deficit despite the prevalence of low international prices of our biggest import, oil.”

 

The primary reason Pakistan has seen a drastic drop in its exports includes a number of structural factors and erroneous policies. Unlike the Middle East or East Asia, Pakistan has followed a traditional policy of import substitution rather than export promotion. Therefore, little emphasis have been given on broadening exports has remained over-reliant on textiles as the key export. Exports of cloth, cotton yarn and value-added textiles make up to almost 60% of our total exports.

“The economic charts of Pakistan stand on an unsatisfactory level at the moment. I urge the government and policy-makers to encourage private sectors to play their roles in putting the economy back on the right track,” he added. Mr. Qureshi further stated that “We should fully avail the opportunities created due to the worldly chain of events, such as global decline in oil prices and the CPEC being made in the region”.

 

The All Pakistan Business Forum (APBF) is a vibrant business association which promotes and protects the interests of the business community and industries in Pakistan. It also advises the government on; policy formulation, regulatory realignments, economic reforms and implementation.

 

Must Read

realme seeks to enhance the global AIoT infrastructure on the back of a strong 2020 performance

As 2020 closes, realme, an internationally-acclaimed trend technology company, has just released its annual open letter looking back on a breakthrough year. 2020, though...

Infinix Hot 10 Play with Gigantic 6000mAh battery is up for Pre-Orders

Infinix, the number 1 selling smartphone brand of Pakistan has announced the latest additionto its celebrated Hot Series, the Hot10 Play. Infinix has started...

A dark horse contender in the wearables market, realme breaks into the Top 10 TWS brand in terms of global market share

realme, the fastest-growing smartphone brand in the world, recently broke into the Top 10 TWS brands in terms of shipments for Q3 2020, according...

January 2021’s Biggest Launch, OPPO Reno5 is Now Available in the Market for all the Photography Enthusiasts out there

Specifications OPPO Reno5 Appearance Weight: about 171g Height: about 159.1mm Width: about 73.3mm Thickness: about 7.7mm (Starry Black); about 7.8mm (Fantasy Silver) Screen Size:  6.4"(16.33cm) Screen Ratio: 91.7% Resolution: 2400 x 1080 (FHD+) Refresh...

Telecom Sector Contributes 278b to National Exchequer in Year 2020: PTA Annual Report

Telecom sector has emerged as a prominent contributor to Pakistan’s economy and the sector contribution to the national exchequer has shown an increase of...