Pakistan Economy - News & Updates - Archive

[Neo]

Telecom industry to take new shape ​

Friday, April 10, 2009

LAHORE: The telecom industry of the country will take a new shape by the end of 2009 as either a new foreign player will acquire at least one cellular network or one of the existing players will buy another operator.

Zong Head of Marketing Salman Wassay, in an interview with The News, said as per free market dynamics, the market will always move towards the most efficient way. In such a scenario, merger or acquisition in the telecom sector is just round the corner and only four companies will remain in competition, he remarked.

The company that will not be able to survive existing pressure will go out of the market but the most important thing is to see how much appetite the current foreign players have for investment. Owing to the widespread recession which has engulfed the global markets, the cash flow of companies is very weak, Wassay said.

He, however, said it is early to comment which company will buy another company or which foreign operator will come to Pakistan to acquire any of the existing telecom companies. He confirmed that there have been discussions in China Mobile on the possibility of buying another operator in Pakistan and talks with a player in Pakistan will only be initiated by the parent China Mobile company in China.

“The Chinese give very high rating to Pakistan due to the Sino-Pak friendship and strategic relations. Therefore, China Mobile is interested in continuous investment in Pakistan. China Mobile has made a very strong impact since its launch and the company is here to stay and expand in the times to come,” said Wassay. The telecom sector of Pakistan has performed extremely well during the last seven to eight years and those companies which grew rapidly have now, in times of recession, realised that their operating costs have increased substantially.

This has led to a situation where they find it increasingly difficult to remain competitive with their relatively high operating cost. Wassay has over 19 years of experience in the telecom industry of Pakistan and is considered a specialist. He played a major role in shaping the telecom industry of the country while working with long distance players and GSM operators. Discussing key success factors of the Chinese companies, he said they always have a clear focus on cost efficiencies. Therefore, ZONG, since its launch has maintained at a very high cost efficiency besides focusing on building customer base. “There is a consensus amongst the industry analysts that the market has matured and there is greater difficulty in adding new customers at a rapid rate,” said Wassay.

He admitted that it was really challenging to add new customers to the telecom sector of Pakistan at this point when the economic recession has reached alarming proportions. “The time is ripe to focus on providing value-added services (VAS) which maintain the current profitability of the telecom players,” said he. The revenue generated through VAS, globally, by telecom operators, averages around 20 per cent while in Pakistan. “We need to increase demand for VAS by offering new and innovative products as services like mobile commerce will be the next big challenge and almost every telecom operator is working to cater to it. Disclosing the future strategy of ZONG, Wassay said the company has planned to become the largest network operator in the country and for that it has planned to install 20,000 sites across the country within the next two-and-half years. In just one year, ZONG has installed 4,500 sites across the country as now China Mobile’s focus is entirely on Pakistan.

“Pakistan, with a population of 170 million people, has tremendous potential for growth and ZONG will capitalize upon that opportunity by bringing in new products which will focus on internet users,” concluded Wassay.

 

[Neo]

Forex reserves cross $11 billion​

KARACHI: The country’s liquid foreign exchange reserves have reached $11.171 billion on week ending at April 04, 2009 as compared with $10.090 billion last week, data released by State Bank of Pakistan, shows Thursday. The overall reserves witnessed an increase of $1.081 billion during the last week. The reserves held by the central bank witnessed a major increase of $1.171 billion to reach $7.805 billion as compared with $6.634 billion during the last week. However, the reserves held by banks (other than SBP), witnessed a decrease of $0.091 million, as they fell to $3.365 billion as compared with $3.456 billion last week. Pakistan has recently received $500 million from the World Bank and $848 million from the International Monetary Fund, which is reflected in the data this week. Foreign reserves hit a record high of $16.5 billion in October 2007 but fell to $6.6 billion in November, largely because of a soaring import bill. Pakistan agreed in November to an IMF emergency loan package of $7.6 billion to avert a balance of payments crisis.

 

[Neo]

Short of expectations: Wheat production at 23.3m tonnes vs 25m tonnes target ​

ISLAMABAD: The Federal Committee on Agriculture (FCA) on Thursday revealed that initial estimates showed 23.3 million tonnes of wheat production as against the set target of 25 million tonnes.

Province-wise wheat production is as follows: Punjab 17.9 million tonnes as against the target of 19.4 million tonnes, Sindh 3.4 million tonnes as compared to the production target of 3.5 million tonnes, NWFP 1.18 million tonnes as compared with the target of 1.20 million tonnes and Balochistan 0.876 million tonnes as against the target of 0.9 million tonnes.

Federal Minister for Food and Agriculture Nazar Mohammad Gondal told journalists that it was the initial estimate and expressed the hope that production of wheat might increase when final estimates arrive after harvesting. Last year’s wheat output was revised to 21 million tonnes from 21.8 million tonnes, he said. “If we achieve 23.3 million tonnes, we will not need to import more,” he maintained. He said the government had spent Rs 80 billion over the import of commodity last year.

The minister informed that the government had set procurement target of 6.5 million tonnes and the process had already kicked off in Sindh province. Province-wise the wheat procurement targets are: Punjab 3.5 million tonnes, Sindh 1.2 million tonnes, NWFP 0.3 million tonnes, Balochistan 0.05 million tonnes and the Pakistan Agriculture Storage and Services Corporation 1.5 million tonnes. As of today (April 9) provincial food department of Sindh procured 40,000 tonnes of wheat as against last year’s procurement of 25,000 tonnes, the minister maintained.

The minister said that rise in procurement price of wheat to Rs 950 per 40 kg was a manifestation of farmers’ friendly policy of the government and would help achieve food security and reduce poverty. The minister claimed that the FCA meeting reinforced that there would be no restriction on the inter-districts and inter-provincial movement of wheat.

An official, who attended the FCA meeting, told Daily Times that the participants expressed dissatisfaction over ban on movement of wheat and its seed during sowing and procurement season by Punjab and Sindh provinces. The meeting informed that the Punjab government wasted wheat seeds but did not provide other provinces during sowing season. They said if the wheat seeds were provided to other provinces on time, then the wheat production might have increased more than what is achieved today (23.3 million tonnes). The participants stressed that there should be no ban on movement of wheat by Punjab government.

Ministry of Food and Agriculture (MINFA) Secretary informed the meeting that the ban on wheat movement was totally against the procurement policy of the federal government. If this year, the ban was imposed on wheat movement, the growers would suffer greatly and they would be unable to get the announced price of Rs 950 per 40 kg. “The ban will totally collapse the farmers hope to get fair return of their hard produce,” he maintained.

After FCA meeting Punjab Agriculture Minister Malik Ahmed Ali told Daily Times that movement of wheat would be properly monitored as to where it was going and who purchased it. However, he said that there would be no ban on movement of wheat.

An official told Daily Times that the Privatisation Minister Naveed Qamar informed the meeting that ground reality was that growers were facing difficulties in getting empty wheat bags in some parts of Sindh province and growers were compelled to sell their produce on lower rates. The minister said that appropriate steps should be immediately taken to ensure that every grower would be the announced minimum granted price of Rs 950 per 40 kg. He also suggested that PASSCO be allowed to procure wheat from those areas where Sindh province had already completed its procurement target, the official maintained.

Gondal said that the federal government would make procurement policy of wheat more effective so as to address the complaint quickly.

 

[Neo]

Xinjiang seals deal on Pakistan trade​

URUMQI: A “vital” trade and energy deal has been agreed between Xinjiang Uygur autonomous region and the bordering North West Frontier province of Pakistan, it was announced yesterday.

Both areas have vowed to further explore partnerships over oil and gas resources, trade, sustainable energy, agriculture and water-saving and irrigation technology, explained Nur Bekri, the chairman of the region.

“As the closest province to Pakistan, Xinjiang is obliged to contribute to the firming up of relations between the two nations,” he said after signing the deal in capital city Urumqi.

Masood Khan, Pakistani ambassador to China, added such cooperation was “essential” and that the “long-awaited direct rail connection between the two will be put on top of both governments’ agendas”.

He said Pakistan was also looking forward to working with Xinjiang on a currency settlement for cross-border businesses.

The People’s Bank of China has already issued permission for Pakistan’s biggest international bank, Habib Bank Ltd, to open accounts in renminbi, while it has an existing strategic partnership with Urumqi Commercial Bank in share-holding and staff training.

Despite the global downturn, Sino-Pakistani cooperation still has profound potential, said Nur Bekri, adding the region will this year start its upgrade project on Hongqi Lapu, the land connecting China and Pakistan in the Tashi Kuergan Tajik autonomous county.

“With strong government support and input, the project will be a success and will further boost trade and communication,” he said.

To address concerns about safety, Masood told the local media that the Pakistani authority had made it a top priority to protect Chinese people in Pakistan, allocating multiple resources and security forces.

He reiterated that joint efforts should be made to oppress evils, maintain peace and stability, and promote harmony in both countries. To achieve that goal, China and Pakistan must deepen ties to oppose terrorism, extremism and separatism, he added. courtesy china daily

 

[Neo]

$2.709 billion FDI made during July-February, National Assembly told ​

ISLAMABAD (April 10 2009): The National Assembly was informed on Thursday that $2.709 billion direct investment (FDI) was made during the first eight months of the ongoing fiscal year ie July-February 2008-09. This was stated by the Minister for Investment Waqar Ahmed Khan in a written reply to a question of Ms Shirin Arshad Khan.

The details given by the minister in the form of an annexure revealed that though the IT and telecom sector was highest recipient with $790.7 million FDI during the period under review, it was far less than $1.625 billion for the 12 months of last year. Giving details of other sectors, the minister said that FDI in oil and gas, textile was $471.1 million, $27.6 million and $121.5 million respectively during the period under review. The construction sector got $42.5 million FDI during July-February, 2008-09. The FDI in power sector was $79.8 million and in chemical and transport was $41 and $36.5 millions respectively during the period under review.

The Ministry of Finance in a written reply to a question informed the House that the government borrowed Rs 304 billion during the first six months of the current fiscal year.

With this borrowing, the total domestic debt has risen to Rs 3578 billion in the first half of current fiscal year from Rs 3274 billion at the end of 2007-08. During the same period, Pakistans external debt went up by $4.7 billion, which increased Pakistans total external debt from $44.5 billion at the end of 2007-08 to $49.2 billion by end-December 2008.

The House was apprised that total amount of interest paid on domestic loans during the same first six months of the 2008-09 was Rs 231 billion. Out of this total interest, Rs 26 billion was paid on permanent debt, while Rs 88 billion and Rs 116 billion were paid on floating and un-funded debt respectively. The ministry said that the total amount of interest paid on Pakistans external loans during the same period amounted to $588 million.

 

[Neo]

95 percent jobs generate in small enterprise sector: ADB report ​

FAISALABAD (April 10 2009): The vast majority of jobs in the private sector of Pakistan are generated in the small enterprise sector. Update Asian Development Bank (ADB) studies shows that small enterprises, comprising 1-4 people, employ almost 95 percent of the total labour force. On the other hand, Pakistan has an insignificant "medium" sector that employs only five percent of the labour force.

In a report on "Employment and the Private Sector at the National Level," ADB experts revealed that the proliferation of small businesses that employ the bulk of the labour force in Pakistan and which in most cases do not graduate to the "middle" category indicates lack of economies of scale, difficulties in accessing finance to grow in size and complexity, and insufficient absorption of technology needed to scale up operations and generate greater employment opportunities possible in large sized companies.

The size of the labour force swelled to over 50.33 million in FY2007, up from 45 million in FY2004. The number of the employed increased to almost 47.7 million from 42 million during the same period. Employment increased in the construction sector, and only marginally in the agriculture and manufacturing sectors, but stagnated or fell in the transport, trade and community and social services sectors. Labour force participation rates have also demonstrated a small increase, rising from 30.4 percent in FY2004 to 31.8 percent in FY2007. Participation rates increased in both urban and rural areas and for both males and females, ADB report added.

According to ADB report, the private sector employs seven million workers in the formal sector, and 18.6 million in the informal sector. In the last five years, an estimated 8.6 million new jobs were created in the private sector.

With this increase in employment, the overall unemployment rate has decreased from 8.3 percent in FY2002 to 6.5 percent in FY2005-06. The informal sector is second only to the agriculture sector as the largest generator of jobs in the private sector.

The sectoral concentration of informal labour force employment shows the retail and personal service sectors as the leading employers in the informal sector, followed by manufacturing, and community and social services.

With increased diversification of the economy to service oriented sectors, ADB statistics indicates that most jobs are being created in the telecommunication sector, hospitality industry, IT and banking. At the same time, job generation is on the decline in public sector corporations, nationalised banks, the public education sector, ministries and their related departments.

 

[BaburCM]

Way cleared for IPI pipeline as Iran price accepted



By Ahmed Hassan and Kalbe Ali
Thursday, 09 Apr, 2009 | 07:14 AM PST |
President Asif Ali Zardari himself visited Iran and requested Iranian President Ahmedinejad to bring down the demanded price, but was told by his Iranian counterpart that any further concession was not possible from Tehran.—Reuters/File

ISLAMABAD: The cabinet cleared the way on Wednesday for the gas pipeline project with Iran by accepting price purchase formula offered by Tehran.

A cabinet meeting accepted Iran’s offer to export one billion cubic feet per day of gas at 80 per cent of the crude oil price in the international market. A sale-purchase agreement is likely to be signed this year.

Briefing newsmen after the meeting, Minister for Information and Broadcasting Qamar Zaman Kaira said Pakistan had decided to go ahead with the gas pipeline project in accordance with its needs without caring about ‘US pressure, that forced India to pull out of it’.

The cabinet decided that the government would own responsibility of paying Rs31 billion outstanding against the Karachi Electric Supply Company to help its management invest the promised amount of Rs28 billion on development projects to increase power generation.

It approved ratification of an agreement on cooperation in the field of transportation and transit of goods between Pakistan and Uzbekistan with the objective to provide the latter an access for transhipment of its trade cargo to and from Gwadar port.

The cabinet decided to set up a four-member committee to oversee Gwadar port operations. It would also propose incentives for the proposed export processing zone.

It ratified the Sarso accord as Pakistan is a signatory to the agreement on the establishment of South Asian Regional Standards Organisation (Sarso) which has a mandate to remove technical barriers to trade and to facilitate flow of goods and services in the Saarc region.

The cabinet decided to review the Pak-Afghan transit trade agreement to safeguard the country’s interests while facilitating the Afghan trade.

It decided to levy 25 per cent regulatory tax on export of molasses because its production had dropped after a decline in sugarcane production.

In pursuance of the International Road Transport Agreement signed with Iran in June last year, the cabinet gave its approval for instrument of ratification concerning the deal.

The cabinet decided to defer approval of a new national education policy after a couple of provinces expressed reservations.

The meeting approved negotiations on draft agreement on defence cooperation with Hungary.

It gave its approval in principle for negotiating an MoU between the National Defence University and Institute des Hautes Etudes de Defence National of France.

The cabinet granted ex-post facto approval to initiation of negotiations for an MoU on political consultations with Libya to provide a forum to take stock of the trajectory of bilateral relations and share views on issues of mutual interest.

Ex-post facto approval was also granted for entering into negotiations for an extradition treaty with Libya. Approval was also granted for an MoU for cooperation in the field of employment generation.

The cabinet also approved signing of agreements for abolition of visa for diplomatic and official/special passport-holders with Libya, Indonesia and Ireland.

It approved in principle a draft bill for the establishment of National University of Law and Social Sciences at Islamabad with its campuses in provincial capitals.

The cabinet also approved draft of Anti-Money Laundering (Amendment) Bill, 2009, to bring various provisions of Anti-Money Laundering Ordinance, 2007, in line with international standards.

It approved draft Anti-Money Laundering (Amendment) Bill, 2009. The proposed amendments are necessary to bring the various provisions of Anti-Money Laundering Ordinance, 2007, in line with international standards.

The cabinet approved Pakistan’s accession to the International Convention for the Suppression of the Financing of Terrorism which requires parties to take steps to prevent and counteract the financing of terrorism whether direct or indirect through groups claiming to have charitable, social, or cultural goals or which engage in illicit activities.

It granted approval to the Draft Pakistan Marine Insurance Bill, 2009 and draft Law for Implementation of Convention of International Trade in Endangered Species of Wild Fauna and Flora Convention.

Source: DAWN.COM | Business | Way cleared for IPI pipeline as Iran price accepted

 

[BaburCM]

IPI without India

Dawn Editorial
Friday, 10 Apr, 2009 | 08:21 AM PST

The ‘peace pipeline’, as the Iran-Pakistan-India (IPI) gas pipeline project was dubbed, seems to be inching forward but without a vital partner on board. India appears to have stepped out of this trilateral project but no formal announcement has so far been made to that effect. Iran and Pakistan have now decided to go ahead without New Delhi to finalise the details of the deal that has been hanging in the balance since 1993 when it was first conceived.

On Wednesday another hurdle was cleared when Pakistan’s cabinet accepted the price purchase formula offered by Tehran. This is expected to enable the two governments to sign a sale-purchase agreement later this year. India’s absence from the past several meetings of the trilateral body that has been discussing various dimensions of the project has been interpreted as its reluctance to join hands with Pakistan and Iran.

While New Delhi has been at loggerheads with Islamabad on issues of regional security, it may not be too happy about entering into an energy project in defiance of Washington’s warnings to the international community to refrain from working with Iran.

Be that as it may, the IPI has significance for Pakistan. True, it is a costly project. But the $7.4bn pipeline linking Iran’s gas fields to Nawabshah in Sindh will enable Pakistan to import one billion cubic feet of gas per day. Given the growing shortfall of gas in the country — it is expected to be 700mmcfd in 2009 — the IPI pipeline will ease some of the pressure.

However, it will take several years to complete and the government will have to find alternative sources of fuel to meet the country’s energy needs. Another major factor that may pose problems for Pakistan in the long run is the cost of the gas to be supplied. The pricing formula has been under negotiation for years. What began as a reasonable rate has been revised upwards by Tehran repeatedly.

Under the new arrangement Pakistan will pay 80 per cent of the oil price in the international market that could work out to be a hefty amount. It will also be foregoing the transit fee of $200m India would have paid had it been a partner. There is also the additional cost of securing the pipeline from attacks by insurgents which is not unlikely. Given the law and order situation in Balochistan where installations are blown up regularly what safety will there be for this pipeline?

It is the foreign policy and security implications of IPI that carry great significance for Pakistan. At a time when it is in the grip of a grave security crisis Pakistan’s interest lies in working out a regional strategy. In this context an understanding with Iran, which the IPI would promote, will strengthen Pakistan’s hand.

Source: DAWN.COM | Business | IPI without India

 

[ajpirzada]

Pakistan’s Trade Deficit Narrows 49.2% as Imports Decline
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By Farhan Sharif

April 10 (Bloomberg) -- Pakistan’s trade deficit narrowed by 49.2 percent in March as imports fell faster than exports.

The trade gap fell to $1.04 billion in the ninth month of the fiscal year ending June 30, from $2.05 billion a year earlier, according to data posted on the Web site of the Federal Bureau of Statistics in Islamabad.

Overseas sales fell 25.9 percent to $1.3 billion, while imports fell 38.4 percent to $2.4 billion, according to the data.

Pakistan is seeking to boost exports to increase growth in a country where the World Bank estimated two-thirds of the population of 170 million people, survive on less than $2 a day.

Exports in the nine months fell 0.13 percent to $13.4 billion and imports fell 6.6 percent to $26.1 billion. The nine- month trade gap narrowed 12.5 percent to $12.7 billion, according to the data.

To contact the reporter on this story: Farhan Sharif in Karachi, Pakistan fsharif2@bloomberg.net.
Last Updated: April 10, 2009 02:43 EDT

Pakistan?s Trade Deficit Narrows 49.2% as Imports Decline - Bloomberg.com

 

[sohailbutt]

Japan to give Pak $1b in aid​

TOKYO: Japan's government is finalising plans to provide Pakistan with up to $1 billion in economic aid over the next two years, the Nikkei business daily reported on Saturday.

The assistance would consist of yen loans and grant aid, and is aimed at helping poverty-stricken areas that could become breeding grounds for extremists, as well as finance infrastructure, education and job training, the Nikkei said.

Japan will announce the details on April 17 at a Pakistan donors conference in Tokyo that it is co-hosting with the World Bank, the paper said.

Pakistan has said it is seeking between $4 billion to $6 billion in aid pledges at the donors conference to fill a financing gap over the next two years.

The international community fears an economic meltdown in the nuclear-armed country could fan popular support for al Qaeda and other militant groups.

Participants at the conference are expected to agree to provide about $4 billion in aid to Pakistan over two years, the Nikkei said.

Japan had planned to chip in about 10 percent of that amount but will raise its contribution after the United States pledged annual aid of $1.5 billion, the paper said.

Pakistan has drawn up a list of projects worth $30 billion it would like to see implemented over the next 10 years.

The list includes hydro-lectric dams and roads projects aimed at improving security in its volence-plagued northwest on the Afghan border.

In November, Pakistan got an emergency $7.6 billion International Monetary Fund loan to stave off a balance of payments crisis.

.:: SAMAA - Japan to give Pak $1b in aid - Nikkei

 

[sohailbutt]

IESCO to set up four new grid stations​

ISLAMABAD: Islamabad Electric Supply Company (IESCO) will set up four new grid stations, while the old ones would be repaired, financed by Asian development Bank (ADB) loan of $14 million.

IESCO CEO, Raja Abdul Ghafoor told Geo News that ISECO has obtained ADB loan of $36 million for its expansion projects, while from the World Bank $68 million, which would be utilized for setting up four new grid stations of 132 KV besides 33 KV and 66 KV grid stations would be upgraded.

IESCO to set up four new grid stations - GEO.tv

 

[sohailbutt]

Petro-products’ consumption in July-March fell by 2.4 pc​

KARACHI: Petroleum products’ consumption during July-March in the country recorded a decline by 2.4 percent.

Oil Companies Advisory Committee (OCAC) released data said that the consumption of petroleum products during July-March as compared to the same period previous year fell by 2.4 percent. Meanwhile, refineries production recorded fall by 6.4 percent, but the consumption of petroleum products in March as against February rose by 5 percent. Furnace oil consumption in March against February recorded rise by 17 percent in the wake of high demand of electricity in summer.

Petro-products’ consumption in July-March fell by 2.4 pc - GEO.tv

 

[sohailbutt]

Pakistani rice 20 pc share in Saudi market restored​

KARACHI: Pakistan has received big orders for rice exports, which is expected to restore its 20 percent share in the Saudi market.

Rice Exporters Association (REA) chairman, Rahim Janoo said that Saudi Arab traders have placed big orders for the purchase of ‘sehla’ rice, but presently its volume and amount could not divulged.

He further said that the export of Pakistani ‘sehla’ rice would succeed in restoring 20 percent Saudi market share. Pakistan’s rice exports to Saudi Arab significantly fell, when the exporters had started shipping ‘sehla’ rice instead of basmati.

Pakistani rice 20 pc share in Saudi market restored - GEO.tv

 

[sohailbutt]

Remittances soar to record levels in March​

KARACHI: Remittances in March amounted to a record $739.4 million, compared previous record of $673.5 million in December 2008, DawnNews quoted officials as saying.

Remittances in the July to March period showed a 19.7 per cent increase to post $5.685 billion worth of inflows to the economy.

The news comes despite a recent World Bank report which showed global remittances were likely to fall between five and eight per cent from an estimated $305 billion in 2008, in contrast to double-digit annual growth in recent times.

‘It might be that we will look overall at a decline of five per cent or something,’ Massimo Cirasino, head of the payment systems development group at the World Bank, told Reuters.

‘We don’t know really how much this will decline... but we can conclude these flows are more resilient than any other flow.’

‘If the crisis continues probably we will see more decline (but) as we all hope, we will soon recover globally, then we can expect these flows to continue,’ Cirasino said.

DAWN.COM | Business | Remittances soar to record levels in March

 

[sohailbutt]

July-March trade deficit at $12.7 billion​

ISLAMABAD: Despite reduced imports the trade deficit remained at staggering $12.709 billion in the nine month of current fiscal year, said the official figures released by the Federal Bureau of Statistics (FBS) here on Friday.

The provisional figures showed that the trade deficit was due to a high import bill of $26.124 billion against total exports of $13.414 billion during July-March period of the current fiscal.

However, trade deficit during July-March 2008-09 witnessed a decline of 12.51 per cent compared to the same period last years owing to lower imports.

The FBS figures show that the deficit in the first nine months of the current fiscal year amounted to $12.709 billion against $14.527 billion for the same period last year.

Month-on-month

The monthly analysis of the data showed a marginal growth of 3.71 per cent in exports in March 2009 over previous month - exports in March were $1.313 billion compared to $1.226 billion in February.

The FBS data showed that the imports grew faster in March and increased the bill to $2.355 billion from $2.123 billion a month ago, a 10.91 per cent increase.

Comparison of March 2009 trade figures with the same month of last year showed a massive 25.88 and 38.38 per cent decline in exports and imports respectively.

The exports declined to $1.313 billion in March 2009 compared to $1.771 billion in March 2008. The imports dropped to $2.355 billion in March 2009 against $3.821 billion in March last year.

As a result of massive decline in both exports and imports, trade deficit for March 2009 over March 2008 declined by 49.18 per cent.

DAWN.COM | Business | July-March trade deficit at $12.7 billion