Pakistan to miss export target of current fiscal year

ISLAMABAD: The PDM government under the leadership of Prime Minister Shahbaz Sharif will miss the export target of the current fiscal year 2022-23.

Sources said that the commerce ministry has estimated exports ranging between 27.5 billion to 28 billion dollars against the target of $32 billion of the current fiscal year.

On the other hand, the import will be projected around approximately $56 billion against the target of $68 billion of current year. The trade deficit would be around $28 billion during the current year.

Sources said that the textile sector contributes around 60% which will be estimated to remain between $16 billion to $17 billion.

The country will also miss $5 billion IT exports target for the financial year 2022-23, sources added.

Sources further said that the government is considering setting $30 billion as export target for next fiscal year 2023-24 which is lower than the current year’s $32 billion target.

On the other hand, the import target would be $62 billion in the next fiscal year 2023-24.

It is pertinent to note that Pakistan’s exports during July to April FY23 were recorded at $23.174 billion whereas the import remained  $46.887 billion in the first 10 months of 2022-23.

Sources said that the Secretary planning, development and reforms will chair the Annual plan coordination committee meeting on May 23 for recommending macroeconomic and development plans for the next budget FY 2023-24.

As per the details, the Finance ministry has proposed Rs700 billion indicative Budget Ceiling for the Public Sector Development Programme (PSDP).

On the other hand, the Planning commission is asking for a Rs1200 billion development budget for next fiscal year.

The federal government has so far utilized Rs 391 billion on different schemes of the PSDP out of the total funding of Rs 712 billion.

The Planning Ministry is also proposing an allocation of Rs200 billion through Public Private Partnership (P3) for the next budget, sources added.

Sources said that the National Economic Council (NEC) is also expected to meet under the Chairmanship of Prime Minister Shehbaz Sharif in the first week of June 2023.


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