Falling shipments: ‘Only exports can save economy’

KARACHI: Islamabad Chamber of Small Traders President Shahid Rasheed Butt expressed grave concerns over falling exports and termed it ‘disastrous’ for the economy. He said the situation could only improve if merit was followed in all critical appointments in the commerce ministry, TDAP and commercial counsellors. He said an ambitious target of $50 billion has been set in the proposed trade policy while the ground realities were otherwise. The graph of exports showed a declining trend and called for immediate steps. Trade deficit in July was 34.62% more than the last year while annual trade deficit was recorded at $22 billion for the last year, despite receding oil prices. “Aptma has anticipated a fall of $4 billion,” he added. He urged the government to immediately intervene and take better stock of the downward trend in exports as it is a key employer as well as a vital earner of foreign exchange.

Published in The Express Tribune, August 27^th,  2015.

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