Sign in Subscribe
  • E-Papers
    • Profit Magazine
    • Pakistan Today
  • Headlines
  • Featured
  • Opinion
    • Comment
    • Editorial
  • Tech
    • Artificial Intelligence
  • World
  • Satire
Sign in
Welcome!Log into your account
Forgot your password?
Create an account
Sign up
Welcome!Register for an account
A password will be e-mailed to you.
Password recovery
Recover your password
Search
Sign inSubscribe
Profit Profit by Pakistan Today
Profit Profit
  • E-Papers
    • Profit Magazine
    • Pakistan Today
  • Headlines
    • Headlines

      Pakistan, Bangladesh ink six key MoUs as Dar becomes first Pakistani…

      Headlines

      Aurangzeb warns of FATF grey-list risk as Pakistan moves to regulate…

      Headlines

      Audit uncovers Rs 635bn in receivables and billions in losses at…

      Headlines

      LHC rules FIR against sugar millers requires cane commissioner’s report

      Headlines

      Punjab targets 5.5m cotton bales as harvest crosses 0.9m

  • Featured
    • News Analysis (Premium Content)

      Backed by Yango, Pakistan’s Trukkr raises close to $10mn to fuel…

      Editor’s picks

      Is Pakistan’s freelance economy being held hostage?

      Editor’s picks

      Suzuki might have delisted from the PSX, but the rubble hasn’t…

      Editor’s picks

      Mutual funds crowd into energy, cements and a handful of banks

      Editor’s picks

      Gatron merger attempt falls through

  • Opinion
    • AllCommentEditorial
      Comment

      Crypto exchanges need to earn Pakistan’s trust with on‑chain protection

      Comment

      Efficiency in manufacturing has to be achieved through cost management

      Comment

      Unlocking Pakistan’s digital potential: why a smarter approach to 5G is…

      Comment

      Pakistan’s tech sector: From outsourcing hub to global innovation partner

  • Tech
    • AllArtificial Intelligence
      Tech

      Meta signs over $10 billion cloud deal with Google, source says

      Tech

      ChatGPT parent OpenAI to launch first India office in New Delhi…

      Headlines

      Pakistan’s new remote sensing satellite declared fully operational

      Tech

      WhatsApp accuses Russia of restricting calls to tighten internet control

  • World
  • Satire

Imposition of regulatory duties failed to rein in imports

By
Monitoring Desk
-
March 23, 2018
0
151
Facebook
Twitter
Linkedin
WhatsApp
Email

    KARACHI: Experts on Thursday stated the imposition of regulatory duties on imports of non-essential imports failed to rein in the current account deficit, which according to central bank data touched $10.82 billion during July-February 2018 of FY 2017-18.

    The imposition of these duties has failed to contain imports, as they kept their rising trend and impacted Pakistan’s trade deficit, reported The News.

    According to President, Karachi Chamber of Commerce and Industry (KCCI) Muffasir Ata Malik, the government should temporarily ban the import of luxury and non-essential items to arrest pressures on the external front.

    Federal Board of Revenue in October 2017 had levied regulatory duties on imports of 731 items ranging from 5 to 80 percent, which included mobile phones as well as cars.

    But this failed to stem the tide, as trade deficit rose to $24.25 billion in the first eight months of financial year 2017-18 compared to $20.09 billion in same period of last year (SPLY), as per data available from Pakistan Bureau of Statistics (PBS).

    This rise in trade deficit was a major reason behind the increase in current account deficit which touched $10.82 billion during first eight months of FY 2017-18 compared against $7.21 billion in corresponding period of last financial year.

    During July-Feb of FY 2017-18, imports registered an increase of 17.1 percent to $39 billion. Car imports during the period under review stood at $847 million, registering a rise of 27 percent compared to a year ago.

    Also, the authorities in December 2017 revised the import policy which required duties and taxes to be paid in US dollars who sends the car.

    Experts stated the decision was reversed under relentless pressure from car dealers. Mobile phone imports of Rs250 duty per set rose 15 percent to $526 million during July-Feb of FY 2017-18.

    KCCI President stated the government should promote domestic manufacturing of mobile phones and investment in local car manufacturing to rein outflows of foreign exchange.

    Imports remained defiant even after the central banks decision to devalue the rupee by 5 percent, which makes imported products expensive.

     

     

    • TAGS
    • car imports
    • current account deficit
    • Pakistan's imports
    • Regulatory duties
    • Trade deficit
    Facebook
    Twitter
    Linkedin
    WhatsApp
    Email
      Monitoring Desk
      Our monitoring team diligently searches the vast expanse of the web to carefully handpick and distill top-tier business and economic news stories and articles, presenting them to you in a concise and informative manner.

      RELATED ARTICLESMORE FROM AUTHOR

      Headlines

      Services sector’s trade deficit declines 52% MoM in February

      Headlines

      Pakistan’s services exports decline for third consecutive month

      Headlines

      Pakistan’s trade deficit shrinks by over 30% in July-Feb

      Whatsapp Newsletter
      Email Newsletter News Tips
      Profit by Pakistan Today
      Publishing Editor: Babar Nizami -- Editor Multimedia: Umar Aziz Khan -- Senior Editor: Abdullah Niazi -- Editorial Consultant: Ahtasam Ahmad -- Business Reporters: Taimoor Hassan | Shahab Omer l Zain Naeem | Shahnawaz Ali | Ghulam Abbass | Ahmad Ahmadani | Aziz Buneri -- Sub-Editor: Saddam Hussain -- Video Producer: Talha Farooqi -- Director Marketing : Mudassir Alam | Regional Heads of Marketing: Agha Anwer (Khi) | Kamal Rizvi (Lhe) | Malik Israr (Isb ) -- Manager Subscriptions: Irfan Farooq -- Pakistan’s #1 business magazine - your go-to source for business, economic and financial news.
      Contact us: [email protected]
      • Privacy policy
      Copyright © 2025. Pakistan Today. All Rights Reserved.