ICCI concerned over high trade deficit

Pakistan’s imports were recorded at $60.9 billion in the previous fiscal year, showing an increase of 15.1%

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has shown concerns over a record high trade deficit that has touched $37.7 billion during the fiscal year 2017-18, stating that it would put more pressure on declining foreign exchange reserves. ICCI President Sheikh Amir Waheed said that as per the recent figures of the Pakistan Bureau of Statistics (PBS), Pakistan’s imports were recorded at $60.9 billion in the previous fiscal year, against $52.9 billion a year before, showing an increase of 15.1%. He said the trade deficit of Pakistan was around $20 billion in 2013, which has increased by over 85% during the last five years. “It shows that our policymakers paid no serious attention to support the private sector in promoting import substitutions, in order to reduce imports and improve exports,” stated the ICCI chief. “The Strategic Trade Policy Framework 2015-18 had set an export target of $35 billion for the fiscal year 2017-18, but during the year, our exports remained far below the desired target reaching $23.2 billion,” he added.  

Published in The Express Tribune, July 14^th, 2018.

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