Daily Times - Leading News Resource of Pakistan
Export target missed by $2bn in FY 2011-12
* Exports stand at $23.641bn against target of $25.5bn
* Highest ever trade deficit witnessed at $21.141bn
ISLAMABAD: The country has not only missed the annual export target of $25.5 billion by $2 billion margin but also witnessed highest ever trade deficit of $21.271 billion during the last fiscal year 2011-12, according to the provisional official figures released by Pakistan Bureau of Statistics (PBS) on Tuesday.
July to June: The government had fixed the export target at $25.5 billion for the fiscal year 2011-12 and it was confident that it would be achieved through different initiatives undertaken by the trade managers as well as trade diplomacy. However, the trade figures released suggested that annual exports ended up at $23.641 billion during July-June period of 2011-12 as compared with $24.810 billion during 2010-11, projecting a decrease of 4.71 percent over last years performance.
On the other hand, the imports of the country also witnessed a new height and amounted to $44.912 billion in the July-June period of the last fiscal year 2011-12 as compared with imports of $40.414 billion during the previous fiscal year 2010-11, indicating an increase of 11.13 percent.
The trade deficit during July-June period of the last fiscal year 2011-12 has been recorded at $21.271 billion as compared with trade deficit of $15.604 billion during the previous fiscal year 2010-11, indicating an increase of $5.667 billion or 36.32 percent in trade deficit.
June versus June: The exports of the country during last month June 2012 of the fiscal year 2011-12 amounted to $2.141 billion as against the exports of $2.422 billion in June 2011, the fiscal year 2010-11, projecting a decrease of 11.60 percent. Imports during June 2012 were recorded at $3.979 billion as against the imports of $3.863 billion during June 2011, showing an increase of 3.0 percent. Trade deficit during June 2012 amounted to $1.838 billion as against the deficit of $1.441 billion during June 2011, showing an increase of 27.55 percent.
June versus May: Exports witnessed a negative growth of 0.83 percent during June 2012 and amounted to $2.141 billion as compared with exports of $2.159 billion in May 2011. Imports during June 2012 amounted to $3.979 billion as compared with imports of $3.891 billion in May 2012, projecting an increase of 2.26 percent. Trade deficit also witnessed an increase of 6.12 percent and amounted to $1.838 billion in June 2012 as compared with deficit of $1.732 billion during May 2012.
Officials at the Ministry of Commerce explained that travel advisories by the United States and other developed countries have negatively impacted the visits of international buyers to Pakistan. They continued to stay away from Pakistan owing to law and order situation in the country and were unable to directly visit the exporting houses and place orders to manufacturing units. Other reasons that were sighted for negative exports growth were economic recession in European Union and United States the main exports markets of Pakistan. Power and gas load shedding in major industrial cities have hindered the production volumes and exporting industries are not able to meet export orders. Rising cost of production or inflation in Pakistan remained high as compared with importing countries, which washed away the impact of depreciation of the rupee against currencies of major trading partner countries.
Despite the fact that Trade Development Authority of Pakistan arranged 59 foreign tours of exporters and arranged contacts between Pakistani exporters and some 4,000 importers around the globe, this did not help.
Annual import export figures
FY 2011-12 FY 2010-11 Difference
Exports $23.641bn $24.810bn 4.71% q
Imports $44.912bn $40.414bn 11.13% p
Export target missed by $2bn in FY 2011-12
* Exports stand at $23.641bn against target of $25.5bn
* Highest ever trade deficit witnessed at $21.141bn
ISLAMABAD: The country has not only missed the annual export target of $25.5 billion by $2 billion margin but also witnessed highest ever trade deficit of $21.271 billion during the last fiscal year 2011-12, according to the provisional official figures released by Pakistan Bureau of Statistics (PBS) on Tuesday.
July to June: The government had fixed the export target at $25.5 billion for the fiscal year 2011-12 and it was confident that it would be achieved through different initiatives undertaken by the trade managers as well as trade diplomacy. However, the trade figures released suggested that annual exports ended up at $23.641 billion during July-June period of 2011-12 as compared with $24.810 billion during 2010-11, projecting a decrease of 4.71 percent over last years performance.
On the other hand, the imports of the country also witnessed a new height and amounted to $44.912 billion in the July-June period of the last fiscal year 2011-12 as compared with imports of $40.414 billion during the previous fiscal year 2010-11, indicating an increase of 11.13 percent.
The trade deficit during July-June period of the last fiscal year 2011-12 has been recorded at $21.271 billion as compared with trade deficit of $15.604 billion during the previous fiscal year 2010-11, indicating an increase of $5.667 billion or 36.32 percent in trade deficit.
June versus June: The exports of the country during last month June 2012 of the fiscal year 2011-12 amounted to $2.141 billion as against the exports of $2.422 billion in June 2011, the fiscal year 2010-11, projecting a decrease of 11.60 percent. Imports during June 2012 were recorded at $3.979 billion as against the imports of $3.863 billion during June 2011, showing an increase of 3.0 percent. Trade deficit during June 2012 amounted to $1.838 billion as against the deficit of $1.441 billion during June 2011, showing an increase of 27.55 percent.
June versus May: Exports witnessed a negative growth of 0.83 percent during June 2012 and amounted to $2.141 billion as compared with exports of $2.159 billion in May 2011. Imports during June 2012 amounted to $3.979 billion as compared with imports of $3.891 billion in May 2012, projecting an increase of 2.26 percent. Trade deficit also witnessed an increase of 6.12 percent and amounted to $1.838 billion in June 2012 as compared with deficit of $1.732 billion during May 2012.
Officials at the Ministry of Commerce explained that travel advisories by the United States and other developed countries have negatively impacted the visits of international buyers to Pakistan. They continued to stay away from Pakistan owing to law and order situation in the country and were unable to directly visit the exporting houses and place orders to manufacturing units. Other reasons that were sighted for negative exports growth were economic recession in European Union and United States the main exports markets of Pakistan. Power and gas load shedding in major industrial cities have hindered the production volumes and exporting industries are not able to meet export orders. Rising cost of production or inflation in Pakistan remained high as compared with importing countries, which washed away the impact of depreciation of the rupee against currencies of major trading partner countries.
Despite the fact that Trade Development Authority of Pakistan arranged 59 foreign tours of exporters and arranged contacts between Pakistani exporters and some 4,000 importers around the globe, this did not help.
Annual import export figures
FY 2011-12 FY 2010-11 Difference
Exports $23.641bn $24.810bn 4.71% q
Imports $44.912bn $40.414bn 11.13% p
