Pakistan’s international trade is suffering from huge amount of deficit due to low demand for its exports. Domestic political instability also accounts for trade deficit. The trade deficit stood at $9.7 billion in FY 2007 and rose to $15 billion in FY 2008. Pakistan is a member of several international organizations such as ASEAN, ECO, SAFTA, WIPO and WTO. Steps have been taken to liberalize the trade and investment regimes of the country. Due to increasing current account deficit, the trade gap range of maximum tariffs was raised from 20%-25% to the 30%-35% on 300 luxury items by Pakistani government in the 2008-09 budget. However, the growth rate of GDP dropped to 5.8% in 2008 and public and external debt indicators worsened.
The major export earnings come from textiles. The country has not been able to expand its exports in other sections due to which it has to suffered shifts in world demand. The government continues with its efforts to diversify the country’s industrial base so as to expand its exports. However, total exports fell from $21.09 billion in 2008 to $17.87 billion 2009. The total imports also reduced from $38.19 billion in 2008 to $28.31 billion in 2009.
Pakistan Exports Commodities
The major export commodities of Pakistan are:
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Textiles (garments, bed linen, cotton cloth, yarn)
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Rice
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Leather goods
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Sports goods
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Chemicals
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Manufactures
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Carpets and rugs
Pakistan Exports Partners
The following graph depicts Pakistan’s export partners with percentage share as of 2008:
Pakistan’s export partners 2008
Pakistan Imports Commodities
The major import commodities of Pakistan are:
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Petroleum
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Petroleum products
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Machinery
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Plastics
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Transportation equipment
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Edible oils
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Paper and paperboard
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Iron and steel
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Tea
Pakistan Imports Partners
The following graph depicts Pakistan’s import partners with percentage share as of 2008:
Pakistan’s import partners 2008
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