Pakistan’s trade deficit falls by 30% to $11.64b

[Zibago]

Pakistan’s trade deficit falls by 30% to $11.64b
SAMAA | Digital - Posted: Jan 5, 2020 | Last Updated: 21 hours ago

FILE photo: Abdul Razak Dawood.

Trade deficit of Pakistan fell by 30% to $11.64 billion in the first half of fiscal year 2019-20, according to stats shared by Adviser to PM on Commerce Abdul Razak Dawood on Sunday.

This was because of a decline in imports and increasing exports of the country, according to the statistics.

The export volume reached $11.54 billion recording an increase of 3.21% from July 2019 to December 2019.

During this period, the exports of rice increased by 56%, meat by 52% and vegetables by 41%.

The export of seafood recorded an increase of 23%, while silk, synthetic textile, football and leather exports grew by 13% each.

Imports of the country dropped by 17% to $23.18 billion. It resulted in shrinking trade deficit to $11.64 billion.

However, the imports of cellular phones increased by 69%, electrical appliances by 48% and petroleum products and gas by 34%.

Imports from India decreased by 64% over the past 6 months, according to the stats.

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https://www.samaa.tv/economy/2020/01/pakistans-trade-deficit-falls-by-30-to-11-64b/

 

[Rafi]

Pakistan’s trade deficit falls by 30% to $11.64b
SAMAA | Digital - Posted: Jan 5, 2020 | Last Updated: 21 hours ago

FILE photo: Abdul Razak Dawood.

Trade deficit of Pakistan fell by 30% to $11.64 billion in the first half of fiscal year 2019-20, according to stats shared by Adviser to PM on Commerce Abdul Razak Dawood on Sunday.

This was because of a decline in imports and increasing exports of the country, according to the statistics.

The export volume reached $11.54 billion recording an increase of 3.21% from July 2019 to December 2019.

During this period, the exports of rice increased by 56%, meat by 52% and vegetables by 41%.

The export of seafood recorded an increase of 23%, while silk, synthetic textile, football and leather exports grew by 13% each.

Imports of the country dropped by 17% to $23.18 billion. It resulted in shrinking trade deficit to $11.64 billion.

However, the imports of cellular phones increased by 69%, electrical appliances by 48% and petroleum products and gas by 34%.

Imports from India decreased by 64% over the past 6 months, according to the stats.

Follow SAMAA English on Facebook, Twitter, and Instagram.
https://www.samaa.tv/economy/2020/01/pakistans-trade-deficit-falls-by-30-to-11-64b/

Positive signs.

 

[YeBeWarned]

big Part of our total imports are oil , we need to discover Oil in our shores or somewhere , once that is overcome the economy will see a stabilization .

 

[Bilal.]

What was the total remittance received during the same period?

 

[guest9999]

it's good news, but it's better to make this permanent by encouraging local production of these imported goods. Pakistan shouldn't have to import tomatoes or ghee.

 

[313ghazi]

big Part of our total imports are oil , we need to discover Oil in our shores or somewhere , once that is overcome the economy will see a stabilization .

I think we should focus on shifting away from the need for oil.

Use canals and rail for freight (electric rail)
Use electrified Railways for travelling between cities
Use electrified trams for travel inside cities
Use electric buses for travel inside cities
Use electric rickshaws for travel inside cities
Use electric motorbikes for travel instead of petrol based ones

Generate electricity from non imported sources, such as nuclear, hydro, wind, solar etc.

Our city life should be adjusted in such a way that the car becomes useless to us. Think outside the box, help save the planet.

 

[YeBeWarned]

I think we should focus on shifting away from the need for oil.

Use canals and rail for freight (electric rail)
Use electrified Railways for travelling between cities
Use electrified trams for travel inside cities
Use electric buses for travel inside cities
Use electric rickshaws for travel inside cities
Use electric motorbikes for travel instead of petrol based ones

Generate electricity from non imported sources, such as nuclear, hydro, wind, solar etc.

Our city life should be adjusted in such a way that the car becomes useless to us. Think outside the box, help save the planet.

Its a good idea but it needs a visionary minister and revolutionary work and development , Just as the Govt is trying to push for better economic reforms our region is once again under the clouds of war .
Consumption of Oil needs to be controlled, but i think we wont be able to replace it all with electric , not in near future but we can shift some of the industry and energy needs towards Coal , we have a ton of coals sitting in Thar and parts of Sindh and Baluchistan .
We also need small and medium size Dams , and also at least 2-4 large Dams to produce Electricity on massive scales , but still all of this does not undermine oil explorations , we need Oil as for strategic reserves purposes in case of war, it will be hard to get cargo ships with oil .

 

[Death Professor]

Aisi koi alla nasal ki dheet quom hai, abhi tou cellphones pe tax bhi zyada lagaya hai phir bhi...

However, the imports of cellular phones increased by 69%

 

[Armchair]

Increase coal power that will have a big dent in petroleum imports

 

[Path-Finder]

Increase coal power that will have a big dent in petroleum imports

set up solar panel manufacturing and of appropriate batteries so people can get independence from the grid.

 

[Mrc]

big Part of our total imports are oil , we need to discover Oil in our shores or somewhere , once that is overcome the economy will see a stabilization .

South Africa makes oil from coal we have huge coal reserves that can be used ..

Needs some vision though

 

[Bilal.]

South Africa makes oil from coal we have huge coal reserves that can be used ..

Needs some vision though

Let us at least build the required refining capacity to not to import refined products at additional cost of billions.

 

[Protest_again]

Exports up meager 3.6% with increases in rice, fruits and vegetables. When rates of these goods in Pakistan reached record heights.
Imports mostly mobiles, electrical appliances and oil.

And yet, Pakistanis don't see a problem here.

 

[POTTER]

Exports up meager 3.6% with increases in rice, fruits and vegetables. When rates of these goods in Pakistan reached record heights.
Imports mostly mobiles, electrical appliances and oil.

And yet, Pakistanis don't see a problem here.

Secondly we have just concluded Pak-China FTA-2 which will increse our export upto 4 Bill USD in 4 years.

 

[AgNoStiC MuSliM]

Exports up meager 3.6% with increases in rice, fruits and vegetables. When rates of these goods in Pakistan reached record heights.
Imports mostly mobiles, electrical appliances and oil.

And yet, Pakistanis don't see a problem here.

Diversification of exports (and the domestic industrial base for import substitution) is obviously a problem and has been highlighted by the current government's economic team. There is no short term solution here though. Completely local products produced by local companies will face headwinds in terms of marketing and acceptance by the local market in the face of more established foreign brands. Foreign investment (either wholly MNC owned or with local partners) is something that can't be forced through incentives alone - there is an ongoing tedious process of rebuilding Pakistan's image as a safe destination for foreign investors, especially in areas that have traditionally not seen foreign investment.