LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has urged the government to take measures to control trade deficit that has widened by 5.5 percent during first nine months (July-March) of current financial year.
Talking to media here, PIAF Chairman Irfan Iqbal Sheikh said that trade imbalance, gap between exports and imports, was registered at $1.85 billion in March 2016 as against $1.51 billion of February, showing an increase of 22.41 percent.
While, trade deficit was recorded at $16.9 billion during July-March of FY 2015-2016 as against $16 billion during corresponding period of the previous fiscal year. Quoting latest data of Pakistan Bureau of Statistics, he said that the exports reduced by 12.92 percent to $15.6 billion during July-March this FY from $17.9 billion of the same months of the last financial year.
The PIAF Chairman said that electricity cost for industrial production was high in the region. The Prime Minister very kindly announced a relief of Rs 2.50/unit in electricity bills, he added that PIAF appreciated this but wanted its implementation. He said, PIAF also welcomed PM Muhammad Nawaz Sharif announcement for not increasing the petroleum products for the month of May onwards and maintaining prices as slight change (if occurred) push a hard impact on cost of doing businesses of the industrial and general products.
