According to some media reports, China has agreed to increase its imports from Pakistan by $1 billion each in financial years 2019 and 2020 against the current dismal level of $1.2 billion. The value of our exports is peanuts as compared with our volume of imports from China, which presently stand at around $18 billion per year.
During the past four years, the trade deficit with China has amounted to whopping $40 billion. Our exports have been decreasing while the imports have seen a steep rise. The deficit has been financed by borrowing funds from international institutions and paying them to Chinese exporters. One does not understand why the current agreement with China – in which the country has agreed to double its imports from Pakistan – is being considered a big achievement.
Arif Majeed
Karachi
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