Islamabad – Exports from Pakistan declined 6 percent to $17.94 billion in July-March, 2015 compared with the same period last year, according to Pakistan’s Bureau of Statistics.
Imports in the same period rose a little over 3 percent to $34.05 billion over the same period last year, according to the statistics on PBS’s official website (http://www.pbs.gov.pk/). Pakistan’s fiscal year ends on June 30.
Exports in March plunged 13.44 percent to $1.93 billion over March, 2014, while imports also declined 3.01 percent to $2.52 billion in the same period, according to PBS which will release the details later in the month.
The trade deficit in the first nine months of the current financial year was recorded at $16.11 billion, up 15.42 percent from the deficit of $13.96 billion in the likewise period of the last year.
In its new trade policy 2014-19 announced in February, Pakistan is seeking to double its textile exports to $25 billion in the next five years. Pakistan’s textile sector contributes around 50-55 percent ($12-13 billion) in the country’s exports which totaled $25.13 billion in the year that ended June, 30, 2014.
The duty exemption on the import of textile plant and machinery has been extended for another two years to attract additional investment of $5 billion in the textile sector, which employs 40 percent of the industrial labor force, consume more than 40 percent banking credit and accounts for more than 8 percent of the country’s gross domestic product.
Energy shortages remain one of the major issues facing the textile sector in Pakistan and have contributed to fall in exports.