The country's exports have posted a growth of 6 percent to $ 2.008 billion in October 2019 from $ 1.896 billion in the corresponding period last year.
According to the Commerce Division, the provisional trade data of Pakistan Revenue Automation Ltd (PRAL), shows that imports in October 2019 declined to $ 3.982 billion against $ 4.801 billion a year ago, showing a reduction of 17 percent.
Prime Minister's Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood maintained that reduction in trade deficit by 1/3rd is in line with the trend of the first quarter of 2019-20. He said, this will significantly contribute to reduction in the current account deficit and will save precious foreign exchange.
An insider told Business Recorder that these figures can be reviewed after provisional foreign trade data is released by Pakistan Bureau of Statistics (PBS) expected on November 11, 2019.
Last month, Abdul Razak Dawood, while addressing a press conference had stated that the trade figures of October 2019 will be released after reconciliation of trade figures of Export Processing Zones (EPZs). However, the figures, shared by the Commerce Division were sans EPZs statistics.
According to the PBS data, exports in 2018-19 were $ 13 billion whereas SBP's estimate was $ 24.2 billion.
Commerce Division has proposed export target of $ 46 billion for the next five year Strategic Trade Policy Framework (STPF) 2018-23, pending with Imran Khan-led government that has yet to take any bold policy decisions, including rationalisation of tariff.
On October 29, 2019, Secretary Commerce, Sardar Ahmed Nawaz Sukhera said that increase in exports is tied to an increase in the country's surplus, adding that if there is a surplus only then it could be exported and if there is no surplus then exports will not post growth. The sources said, the target for first quarter of current fiscal is unlikely to be achieved as the pace of growth in exports is behind the fixed target. The actual growth of first quarter of current fiscal year will be available on November 11 or 12.
Comments
Comments are closed.