ISLAMABAD – Pakistan’s trade deficit ballooned to $33.9 billion in elevenmonths (July-May 2018), up 13.4 per cent over the same period last year. Itis expected to touch $40bn by the end of the concluding year when finalyearly data will be posted.
Total imports over the 11 month period galloped to a record $55.2bn whileexports crawl up to $21.3bn. For the full year, optimistically speaking,exports can hit the target of $23bn but assuming other things remainunchanged imports may climb to around $63bn. In the last reported month ofMay 2018 export was counted to be $5.8bn and in June 2018 it could easilybe close to $7 bn.
“This is an extraordinary situation that warrants extraordinary measures. Idon’t understand what is stopping the caretaker setup that has virtually nopolitical stakes to chip in their bit by being decisive,” commented anotherfrustrated businessman
The trade data testifies beyond doubt that measures directed to containimports and boost exports have not turned up the desired results. Asexternal front vulnerabilities intensified the last government introducedcash margin requirements and enhanced regulatory duties on 58 non essentialitems to squeeze importers liquidity and make luxury items dearer in thelocal market.