Pakistan is facing trade deficit with around 54 countries. The leading countries with whom Pakistan is having trade deficit are China, Japan, Kuwait, Saudi Arabia, UAE, Malaysia, France, Germany, Australia, Canada, India Korea, Iran, Indonesia, Singapore and others.
According to information provided by the commerce ministry to the National Assembly Secretariat in written replies to the question of the members, the trade deficit with these countries can be attributed to nature of commodities which Pakistan imports from these countries. These items include crude oil, petroleum and petroleum products, palm oil, machinery and raw material for industrial use.
The trade deficit in 2009-10 of Pakistan with China stood at $-3256.7 million, Japan, $-1431.2 million, Kuwait, $-2316.3 million, Saudi Arabia, $-2992.5 million, U.A.E, $-3308.7 million, Malaysia, $-1550 million, India, $-957.2 million, France, $-106.5 million, Germany, $-386.3 million and Iran, $-754.9 million.
The government is taking measures to control trade deficit by setting up of commercial sections in different countries to create direct link with businessmen, establishment of Joint Trade Committees/Joint Economic Committees, making efforts for increasing market access to various countries and negotiating Free Trade Agreements (FTAs)/PTAs to enhance trade.
According to another written reply, China was one of the fastest growing economies in the world. It was now the second biggest economy after the United States (US). Pakistan attaches high priority to its economic and trade relation with South Asian countries. Pakistan has a comprehensive Free Trade Agreement (FTA) with China covering goods, services and investments. Pakistan has also requested China to consider unilateral trade concessions on products for export interest.
In another reply, it was informed that Pakistan exported 745MT of mutton worth $31.7 million and 1,009 MT of beef worth $28.2 million to Bahrain, whereas no export of the said items has been made to Malaysia during the current year. It was informed that export of live animal to Iran and Afghanistan is allowed in the light of the ECC decision. Custom officials are not posted on international borders with Iran and Afghanistan and operate only at designated stations such as Torkham, Chaman etc.
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