KARACHI: We have to improve our trade, manifolds. Pakistan has experienced a significant increase in imports, particularly in essential goods like energy, machinery, and raw materials. This surge often outpaces export growth, contributing to the trade imbalance, said Ateeq ur Rehman, economic & financial analyst.
He said in 2023 our imports were USD 53.2 billion whereas the exports were USD 30.1 billion; therefore, the deficit was USD 22.1 billion. We are continuously adopting a trade deficit thus creating a serious balance of payment crisis, foreign exchange imbalances and current account deficit, he said.
For improving our trade deficits, we need continuity in the economic policies and special utility tariffs for the exporters, so that the exporters can finalise the deals with foreign buyers without any further tariff confusion. We have to focus on technological innovation, human capital, provide support and incentives for SMEs to export. This could include access to finance, training on export procedures, and assistance with market entry strategies, he said.
Copyright Business Recorder, 2024
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