High imports and low exports have been a major issue under debate for many years in Pakistan, which is now finally changing in the years 2017-18. The import bill has also risen up by $7.95 billion and the primary sources responsible are transports, petroleum, and metal groups. But at the same time, improvement in exports has also been observed by a $3 billion increase trade shortfall by 15.95%.

Exports and remittances are the two fundamental foreign exchange earners for Pakistan’s economy. From the start of this fiscal year, the exports are seen to be showing a positive trend and growing healthily. In between the months June to August FY19, the exports have shown a clear increase of 5.05pc.

Abdul Razak Dawood, Advisor to Prime Minister for commerce, textile, industry and investments says that the exports of Pakistan are rising due to which investors are looking to invest. He added that it will take some time to for the economy of Pakistan to reach a sustainable mode but the era has begun as the world has started to see Pakistan positively and a number of export orders are on rise. He stressed upon the point that it is time we start promoting the culture of “Made in Pakistan” and support our country by working on increasing of exports rather than imports.

According to various reports, this amount of exports is still not enough for the economic growth of country and we still need to focus more on the exports. Further, we cannot just rely on remittances as it alone can never narrow down the gap. Imports still are very huge as they are observed to go up in approximately 10.19% when compared to the exports.

This rise has broken the three year record of the exports being stagnant and they are different views on it. Some believe it to be a coincidence or think of as just a mere luck for the new government but few see it as a positive change. The few who see this as an opportunity for the economy believe that if taken corrective actions, Pakistan can witness real significant positive changes which can in future lead to healthy economic growth.

Moreover, some major changes in export figures can be clearly witnessed in the petroleum products and coal as it has significantly risen up to $187.55 million in July-October 2018 if compared to the exports that are of 96.61 percent in the same period of previous year. Additionally, if noting down the year to year exports of petroleum products and coal have also majorly increased by 84.2 percent (in amount $41.73 million), this is noted in the month of October 2018 on compared to the exports in the same period of the previous year.

The government of Pakistan needs to implement such policies in the favor of the country which restrict imports and start such campaigns which lead to encouragement in exports. Such steps of awareness are needed to be implemented in order to make sure to our country finally witnesses good days. When the exports of the country will rise, it will definitely make sure that the country is financially stable and gets better as the economy keeps growing at a decent rate.

NOORMA IFTIKHAR,

Lahore, December 24.