ISLAMABAD: The International Monetary Fund (IMF) has projected Pakistan’s exports will touch $ 23.635 billion during fiscal year 2020-21, whereas imports are expected to reach $ 46.168 billion on FoB basis. The Fund projects trade deficit at $ 22.533 billion in the current year.
Pakistan’s exports were $ 21.394 billion during 2019-20 whereas imports stood at $ 44.574 billion, showing a trade deficit of $ 23.180 billion.
Pakistan’s exports achieved $ 25 billion mark in 2013 during the PPP government and after that exports never reached that high a level.
Pakistan’s exports during the first three quarters of current fiscal stood at $ 18.685 billion while imports were $ 39.512 billion, showing a trade deficit of $ 20.827 billion.
Commerce Ministry maintains that imports are showing a rising trend due to import of wheat, sugar and fertilizers.
IMF has projected a 5 percent export growth whereas export volume will increase by 6.7 per cent.
Commenting on implementation of approved national tariff policy, IMF has stated that tariff rationalization aims to reduce the level of protection while reducing also input costs to promote competition, exports, and domestic production (“Made in Pakistan”) for import substitution purposes.
Copyright Business Recorder, 2021