Trade deficit reduces from 21.3 to 19.2 bln dollars during last 7 months: Dawood
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Advisor to Prime Minister for Commerce Abdul Razzak Dawood says the decisions regarding the economy have started yielding positive results.
Addressing a news conference in Islamabad on Monday, he said the ban on the import of furnace oil and non-essential food items also benefitted the economy.
Abdul Razzak Dawood said the exports have registered an increase of 4 percent in last seven months in dollars. This translates into 30 percent increase in terms of Pakistan rupee. He said the result of currency devaluation will be visible on exports trajectory in the coming five months. The Advisor expressed confidence that exports will increase and imports further decrease this year.
He said cements exports have registered an increase of 50 percent, mainly to Sri Lanka and Bangladesh.
Speaking on the occasion, Secretary Commerce Younus Dagha said improvements have also been noted in balance of trade in the month of January. He said need of furnace oil has reduced due to increasing use of renewable technologies in the energy mix.
Razaq Dawood said exports in the first seven months of current fiscal year remained 13.259 billion dollars. The imports remained 32.54 billion dollars as compared to 34.26 billion during the corresponding period last year. He said the trade deficit has reduced from 21.3 billion dollars to 19.2 billion dollars.
He said the imports squeezing policy is paying the dividend and expressed the confidence that its results will be far more encouraging in the next five months.
Responding to a question, the Adviser rejected reports that the IMF chief during his talks with Prime Minister Imran Khan in Dubai set the condition of raise in power and gas tariff for the bailout package.
