ISLAMABAD, Feb 11 (APP):Adviser to Prime Minister on Commerce, Textile, Industry and Production and Investment Abdul Razak Dawood Monday said that Pakistan’s exports increased by four percent in first seven months of current fiscal year to $13.259 billion as compared to the same period of last year.
Similarly he said the country’s imports also decreased from $ 34.264 billion to $32.545 billion during July-January (2018-19).
Due to the increase in exports and decrease in imports, the county’s trade deficit shrank by $2.1 billion, Adviser to PM on Commerce , Abdul Razak Dawood said this while addressing press conference along with Secretary Commerce Muhammad Younus Dhaga here at Ministry of Industries and Production.
The adviser said that because of prudent economic policies of incumbent government ,”We decreased our imports successfully by imposing Regulatory Duties (RD) on the imports of furnace oil and other luxury items of food and automobile”.
He said that only in months of January ,2019 country’s exports witnessed increasing trend by $1 billion because of duties of non essential items, adding that in coming five years the exports would further increase.
He informed the media persons that import of hydel- machinery, energy supply and other luxury items also decreased during the period under review.
He added that now lot of energy projects of hydro energy were also being completed to give us substitute way of energy source.
The adviser said that exports mostly increased in food items, textiles and cements and overall 50 percent cements exports were increase in seven months of current fiscal year.
Replying to a question, he said that edible oil imports reached at $3 billion, which need to be decreased for maintaining balance of trade.
He hoped that in coming five year, “our imports would be decreased more and country’s exports would further increase”.
To a question he said that the the impact of devaluation of Pak rupee would be felt in around 5, 6 months.
Meanwhile Secretary Commerce Muhammad Younus Dhaga informed that the government is committed for searching new potential markets in different regions of the world.
He said that “Look Africa” campaign was also part of this policy to explore the market of African region.
Secretary commerce said the government was also negotiating with Latin American countries including Brazil and United States for exploring the new trade avenues to increase the trade volumes with these countries.