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KARACHI: Pakistan’s imports hit near three-year high in the six months of the current financial year with major contribution coming from import of wheat and sugar, fertilisers and pesticides and equipment for industries.
According to the statistics issued by the World Bank, despite the COVID-19 epidemic, the demand for Pakistani goods in the global market has increased. From October to April of the current financial year, exports of goods and services increased by 6.2 percent, while exports of goods as a whole increased by 6.7 percent and exports of services by 3.8 percent.
Ministry of Finance said that Pakistan’s exports to the United States increased by 20 in 10 months. Pakistan’s exports to the UK increased by 22% and to China by 16.3%, while Pakistan’s exports to Germany increased by 11.7% and to the Netherlands by 8.6%.
In six months, Pakistan’s exports to Argentina declined by 11.5% and to Spain by 10.9%. In the first 10 months of the current financial year, imports increased by 12.2%. From October to April of the current financial year, imports from China have increased by 38.8%.
On Thursday, Minister for Finance and Revenue Shaukat Tarin had said that power subsidies for the next budget will be allocated on the basis of actual consumption whereas the government will adopt a more targeted approach for disbursement.
The finance minister said this while chairing a meeting at the Finance Division to discuss new tariffs for the industry as well as export-oriented sectors in the upcoming budget. Minister for Industries and Production Makhdum Khusro Bakhtyar, and Minister for Energy Muhammad Hammad Azhar were also present in the meeting along with the Adviser to PM on Commerce, Abdul Razak Dawood.
The meeting discussed different options for concessional tariff, along with their implications on the subsidies, earnings, production and revenue generation.
