Wednesday, 20 April 2011 15:53
Finally, it’s that time of the month, when Pakistan’s economic managers can have their feel good moment, while the politicians brag and boast of their performance. And why shouldn’t they?
The latest external account numbers released by the central bank confirm the notion that Pakistan’s balance-of-payment position is in safe waters -- $99 million to be precise, for the first nine months of current fiscal year; which by the way is also the best nine-month performance since FY05.
Even month-on-month changes are confidence boosters. SBP data show that trade balance in March dropped about 11 percent over February, whereas remittances also jumped 25 percent month-on-month.
A closer look at the trade balance isn’t really disappointing either. Although, the SBP hasn’t released its detailed trade numbers as yet, that released by the FBS does provide a clue.
Share of textile exports dipped to 52 percent of total overseas sales in the quarter ending March, down ...