Trade Deficit Down As Exports Rise Sufficient growth in exports and stable imports during the first half of current fiscal year 2013-14 (FY14) helped reduce the country’s trade deficit by 7% says the Pakistan Bureau of Statistics. Pakistan’s balance of trade for the first half of FY14 stood at - $9.1 billion as compared to - $9.8 billion in the same period of FY13. Exports from the country rose to $12.6 billion in the first half of FY14 (July to December), registering a 5.11% increase over exports worth $12.1 billion in the corresponding period of last fiscal year. Imports in the country decreased by 1.14% in the first half of FY14 to $21.7 billion as against $21.9 billion in corresponding period of last fiscal. With the recent obtainment of Generalised System of Preferences (GSP) Plus status from European Union, for the next 10 years it is expected that Pakistan would be able to reduce trade deficit significantly due to additional export of $1 billion per annum to the EU over the next three years. However, the EU will again review the status after three years as the beneficial countries will ensure the implementation of 27 specified international conventions pertaining to human rights, labour rights, environment and good governance. After obtaining GSP Plus from EU, textile sector is expected to be the major beneficiary.
Posted on: Mon, 20 Jan 2014 18:22:32 +0000
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