KARACHI
The country’s exports fell by 3.12 per cent to $18.541 billion in period of July-May 2016-17, while imports figures touched all time high at $48.539 billion or an increase of 20.60 per cent during the same period.
According to the data released by Pakistan Bureau of Statistics (PBS) here on Monday, the country’s exports stood at $18.541 billion in last eleven months of the current fiscal year compared to $19,140 billion down by $599 million, while imports of the country touched $48.539 billion compared to $40,247 billion in the same period last year.
Trade deficit further enhanced up to $29.998 billion in July-May 2016-17 up by 42.12 per cent compared to $21.107 billion in the same period last year. It surged by 60.79 per cent in May 2017 on YoY basis, while enhanced by 8.52 per cent up on MoM basis.
An analyst said, “Despite huge claims, the government could not boost the overall exports of the country, while imports figures have touched all-time high.” The commerce ministry through the State Bank had imposed cash margin condition on the import of CBU cars and other luxurious products, but the trade figures show “there is no impact of it on country’s import,” he added.
The government claims that the import increased only because of the textile machineries and other machineries under the agreement of China Pakistan Economic Corridor (CPEC). Owing to the rising oil import bills, total imports had jumped to $43.473 billion around 170 per cent up of the total exports of the country, is not a good sign for country’s economy, the analyst added.
The federal government has given number of incentives to the textile industry in last six months to improve exports, while taken several measures to improve cotton import which was main demand of All Pakistan Textile Mills Association (APTMA) the analyst said.
On Year-on-Year basis, the goods exports stood at $1.627 billion in May 2017 down by 9.89 per cent compared to $1.805 billion in April 2017, meanwhile on Month on Month basis, the goods exports went up by 10.95 per cent compared to the exports of $1.827 billion in May 2016, the data said.
Similarly, the imports of the country increased by 1.88 per cent to $5.092 billion in May 2017 compared to $4.998 billion in April, while on MOM basis, the imports increased by 27.88 per cent compared to $3.982 billion in May 2016.
The analyst said all economic indicators of the country have been improved in last eleven months except the exports.
