Pakistan exports will reach $24 billion this year – Research Snipers

Pakistan exports will reach $24 billion this year

imports

The government official has predicted that Pakistan exports are having a positive upward trend and expected to reach $24 billion this year.

While speaking to a pre-budget seminar on Tuesday organized by Express Media Group, Minister for Commerce Pervaiz Malik said “Pakistan exports have suffered a lot during the last few years but now it’s gaining the momentum, the exports are set to increase by $4 billion this year.”

While commenting on the years of performance the minister said the current government has remarkably achieved the highest export figure $25.1 billion in the first of 2013-14, after that exports were facing a decline, during 2014-15 total figure for exports was $23.6 billion, 1.5 billion down from the previous year. The following two years were even worse, less than $21 billion, technically losing more than $4 billion each year.

Commenting on the government’s performance Malik said, “Government has now taken measures to push exports to the next level, this year we expect exports to touch $24 billion mark, the recent devaluation of the Rupee was also meant to improve exports and competitiveness.

He also said that seamless power supply to the manufacturing industry also helped to improve production, but to keep the costs down more measures needs to be taken. The minister for commerce during the second session of seminar said “The government is focusing more on growth, our economic growth target is 6.5 percent. The government is also mulling on bringing taxes down on raw materials for the companies and SMEs in order to boost the manufacturing and production capacity.

While commenting on the bilateral relations, Malik said the government is in talks with China to implement a Free Trade Agreement (FTA), the government is also in talks with Turkey, Indonesia, Thailand for FTAs which could boost the two-way trade in the country.