A $7 billion economic success for PTI government
*ISLAMABAD: *Pakistan trade balance has improved by 19pc, as the deficit declined from $37.6 billion to $30.6 billion during the last fiscal year.
“The country’s exports remained stable at around $23 billion,” the one-year performance report shared by the Establishment Division revealed. “Pakistani exports were protected from external shocks arising from regional geopolitical uncertainty in the wake of Pulwama incident, depreciation of major currencies and trade war between two major markets, the United States and China.”
According to the report, the stability in exports was due to various policy interventions, the extension of PM’s Export Enhancement Package for three years, relief to five major export sectors in terms of energy prices, rationalisation of the exchange rate and import tariff concession on 422 raw materials of export-oriented industries.
The country’s imports reduced from $60.8 billion to $53.8 billion (12pc) during the last fiscal year (FY19).
As per the report, prudent steps were taken to manage the outflow of imports. These included imposition of regulatory duty on non-essential imported items, sanitary and phytosanitary restrictions imposed on imported food items, labelling conditions and mandatory halal certification imposed on imported edible products, reforms in import policy for used cars etc.
The government also successfully got market access in different potential markets of the world, including China and the Middle East.