KARACHI: Pakistan is set to miss its outgoing financial years’ export target by a big margin, senior industry officials revealed.
The previous PML-N government had targeted exports of $35 billion for the financial year ending June 30th, 2018 under the strategic trade policy framework 2015-2018, reported The News.
The previous government, however, became aware export earnings would be around $23 billion for FY18 because of continuing decline in exports.
Data from the Pakistan Bureau of Statistics (PBS) reveals total exports during FY17 stood at $20.45 billion, a dip of 1.63 percent over FY16.
Lasbela Chamber of Commerce and Industry Chairman Yakoob Karim agreed with the fact exports would touch between $23-24 billion for FY17.
He added the current level of exports is not what Pakistan had even achieved a decade back.
Mr Karim said the exports announced by the previous government in the trade policy were not achieved.
Exports fell from $25 billion a few years ago and were severely impacted by high energy costs, exchange rate appreciation and high import tariffs on inputs, said Karim.
He highlighted the trade policy had failed to aid in increasing the exports in last three years and instead kept continuously falling.
Javed Bilwani, President Sindh Industrial and Trade Estate Association of Industry shared value-added textile industry was confronting liquidity problems as refund claims worth hundreds of billion were stuck.
He backed the projected export figure of $24 billion and said widening current account deficit was because of a decrease in exports and rise in imports.
Current account deficit is projected to touch $16 billion by end of FY18 against a target of $9 billion.