Experts say Pakistan is facing huge deficit due to low demand for its exports
LAHORE: The government has failed to achieve export target in the first two months of the current fiscal year 2014-2015.
According to details, the export target for July was $2.2 billion, while the exports remained $1.9 billion – $322 million less than the assigned target. This is $165 million or 7.86 percent less than the target the country achieved in July last year.
Moreover, in August of current fiscal year, Pakistan exported $1.9 billion worth products to various countries. This achieved amount is $213 million less than the selected target of $2.1 billion for the month. On the other hand, the export value of August 2014 is $72 million or 3.64 percent less than the same month of the last fiscal year.
As a whole, during July-August trade, the export statistics remained $3.8 billion that is $535 million less than the selected target of $4.3 billion. As compared to the same period of last fiscal year, Pakistan lost $237 billion or 5.81 percent exports this year.
According to the documents available with Customs Today, the assigned target for September is 2.62 billion, while the achievement of target statistics will be made public after audit.
Experts are of the view that Pakistan’s international trade is facing a huge deficit due to low demand for its exports. Political instability also accounts for the trade deficit.
As per details, Pakistan has exported goods worth $2.1 million textile products in July-August of current fiscal year which are 5.24 percent less than the same period exports of last year worth $2.28 million. The target for July-August of the current fiscal year was $2.4 million.
Items included in the textile and clothing products are: raw cotton, yarn, cotton fabrics, garments, towels, tents and canvas.
In agro-food sector, the target was $734,531 for July-August of current budgetary year, while Pakistan made exports worth $569,997 that are 15.88 percent less than the last year’s target.
Agro-food products include: rice, fish, fruits, vegetables, meat, wheat, sugar, oil seeds, tobacco, spices, guar and molasses.
Pakistan has exported mineral and metal products worth $199,587 during July-August that are 8.24 percent more than the last year’s target of $184,390.
In engineering sector, Pakistan made exports worth $433,712 against the assigned target of $457,122 during July-August of current fiscal year. The export value is 8.54 percent less than the last year’s trade in the same period. Pakistan exports electric fans, transport equipment, auto parts, surgical instruments, cutlery, sports goods, chemical products, plastic materials and cement.
