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Pak’s trade deficit widened to record highs in past two months: report




ANI | Updated: Sep 12, 2021 9:44 PM IST

Islamabad [Pakistan], Sep 12 (ANI): Pakistan’s trade deficit has widened to record levels in the past two months and exports have continued to decline, local media said on Sunday. In an opinion piece, The Express Tribune reported that the government’s own data, released by the Pakistan Bureau of Statistics, shows that previous attempts to remedy the situation have clearly failed, with heavy export subsidies and a devaluation of the currency doing nothing to improve the numbers. weeks to come. Aside from the deficit, exports were lower than the government forecast for July and August.

According to the publication, Prime Minister Imran Khan called his finance team last month to find ways to reduce imports of non-essential goods, including automobiles. Despite this, the number of announcements for new imported cars suggests that this proposal has come to nothing. “While we started the year with large reserves of foreign currency, this money will disappear remarkably soon if this massive increase in imports continues. Moreover, since remittances are not expected to increase significantly, the government could be forced to borrow to consolidate its foreign exchange reserves. Given the existing debt problems, this would be disastrous, “the Express Tribune reported, for growth based on consumption, unless the products consumed are local. But the only way to do that would be to reinstate heavy tariffs and import restrictions while shifting some of the unsuccessful export subsidies to manufacturers targeting the domestic market. Meanwhile, in February 2020, inflation had jumped to 12.4%, The Express Tribune reported. (ANI)




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