Pakistan’s trade deficit swells to record $ 99 billion current government policies
Due to the merit violation of the current federal government’s failed defective trade policy and key positions, foreign trade had suffered a loss of $ 98.66 billion. Poor policies of Federal Ministry of Commerce are not resolving problems facing major export industries and due to the violation of merit and rules regulations for the deployment of the Trade Development Authority head, the federal government failed to stop the export of export and control the exports of imports. Consequently Pakistan’s exports fell from $ 25 billion to a level of $ 20 billion while imports rose from $ 45 billion to the highest level of $ 53 billion. Exports of all major export sectors of Pakistan decreased significantly.
According to official data, $ 20 billion during fiscal year 2013-14, $ 22 billion during fiscal year 2014-15, fiscal year 2015-16; $ 23.90 billionDuring the period of 2016-17, 32.57 billion dollars were lost. Instead of performance, 57 commercial consulates in 41 countries deployed on the basis of recommendation and relationship and trade secretaries could not even raise a $ 1 increase in Pakistan’s exports over 2 billion rupees is being spent annually for salaries and privileges. The current government has targeted the exports volume upto $ 35 billion under Trade Policy Framework 2015-18A to increase exports. However, lack of integrated policies, poor trade commerce and poor people abroad, Through the research and development, including the political deployment of the person deprived of professional expertise and ability at the post of the Trade Development Authority due to lack of effective measures for diversity in Pakistani products and finding new markets Pakistan faced worst loss in external trade. Trade Development Authority was engaged in promoting Pakistan’s fashion industry and there was a crunch of millions of rupees holding holding talent Pakistan exhibitions while raising ties with India. Likewise false claims of exporting millions of dollars worth of export orders were done at the end of Expo Pakistan exhibitions. In fact, most of the unrealistic buyers were invited to visit Pakistan. The head of the Trade Development Authority itself failed to increase its own exports and the leather industry had also suffered significantly in exports. Despite the expense of the exports, despite the over 3 months of expense, the head of Trade Development Authority has been vacant. According to the exporters, Khurram Dastgir, Federal Minister for Trade, served as an ex-minister for the welfare. And the assured assurances are not fulfilled. Due to refunds of exporters of billions of rupees, capital deficit also led to decrease in exports.
It is clear that during the fiscal year 2016-14, the exports of rice during the year 2016-14 increased from $ 2.16 billion to $ 1.46 billion, Fruits and vegetables exported from $ 65 million to $ 53 million, textile exports fell from $ 13.74 billion to $ 11.23 billion, sports goods exports fell from $ 35.8 million to $ 28 million, Raw leather exports fell from $ 55 million to US $ 35.9m, the exports of leather products reduced from $ 62 million to 44 Core 35 Lakh dollars, The exports of surgical instruments decreased from 33 Core 56 Lakh dollars to 30 core 73 Lakh dollars, The exports of chemicals and medicines decreased from $ 17 billion to $ 78 million, Exports of engineering products decreased from 32 Core 11 Lakh to $ 16 core, Cement exports decreased from $ 50 Core 94 Lakh to $ 22 lac dollars, exports of semi-precious stones reduced from $ 64 Lakh to $ 27 Lakh dollars gold jewelry exported 32 core $ 44 lakhs compared to $ 44 lakh Came to the surface.