Daily Times

Seeing the additional import of agricultural produce (wheat, sugar, and pulses) in the current fiscal year, the country’s imports are expected to grow more as most of the raw material (textile), petroleum products, LNG and vaccination, etc. is being imported. Import of raw material, particularly textile-related stuff shows development as it is used to produce export stuff but despite being an agricultural country, increasing import of wheat, sugar, and pulses is not a good sign. Moreover, despite this additional import, the common man is not getting any benefit from it in the retail market, rather causing inflation to grow, said an economist. According to a rough idea, the imports may touch a tune of $70 billion in this fiscal year. The current trade deficit is being increased by 80pc and the current account is being moved from surplus to deficit. However, in the current fiscal year exports of “Made in Pakistan Products” either traditional or non-traditional, are expected to reach $50 billion, which includes value-added products like mobile phones, motorcycles, and furniture is an encouraging sign. The pressure on imports and stress on foreign exchange lead to broadening the current account deficit. In the past the current account was in surplus due to historic remittances by non-resident Pakistanis.