The government is expecting $6 billion trade deficit by the end of current fiscal, mainly due to the unprecedented increase in import of machinery, raw material and petroleum bill, sources in Commerce Ministry told Business Recorder here on Wednesday. With the existing export growth rate of 14 percent this year, export target of $14 billion would be achieved, they said, adding that major increase in imports was on account of machinery and raw material, which was good for economic growth.
Sources said that exports during March were 32.5 percent higher than March, 2004. It was the second consecutive month when exports registered 32 percent growth since elimination of textile quota.
They said that the Ministry has briefed the Economic Co-ordination Committee (ECC) of the Cabinet on the ongoing efforts about trade concessions with European Union (EU) under Generalised System of Preference (GSP), GSP plus, and anti-dumping duties imposed by the EU on Pakistan's bedlinen.
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