Pakistan’s trade deficit hit a record level of $30 billion in the first 11 months of the financial year 2016-17. This shows an alarming decline of 42 percent as compared to the same period in the previous financial year. The country’s exports have reduced by 3 percent and now stand at $18.5 billion. On the other hand, imports have skyrocketed by 21 percent to $48.5 billion. Factors like lack of infrastructure, mismanagement of resources and flawed policies have adversely impacted the country’s balance of trade.
The government needs to realise that if it wants to raise the economy’s growth rate to 6 percent or more, it must focus on strengthening the country’s exports. Exports are also the key to the stability of external debt. As of now, the government must find out a way to tackle the country’s trade deficit through an effective, strategic and vigorous trade policy.
Sheeraz Akhtar Bhutto (Shikarpur)
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