Pakistan to restrict imports to reduce debt

 Pakistan's economy is at its worst phase. Although the Pakistani government is taking adequate measures to revive its economy. One such measure is limiting its imports. Well, this decision might affect many companies and working people. 

Due to import restrictions, Pakistani companies can no longer import raw materials and have to halt its production. That will leave millions of people unemployed in the country. According to the census reports, around 8 million people are likely to be affected by this strategy. 

Recently, the Pakistani Rupee fell a staggering 303 against dollar. This is mainly due to some relaxation in imports of the country from June. That decision was mainly taken in the wake of a 3 billion dollar fund from the IMF to support the country's economy.

Pakistan foreign reserves are continuously shrinking. Pakistan's current liquid foreign reserves are estimated to be around $9.92 billion. However in the current fiscal year, Pakistan's trade deficit has been reduced a bit. 

According to the Pakistan import export data reports, the country's trade deficit has been reduced by 41% in FY 2023. It is totaled to be $28 billion, which is quite good. As, it was $48 billion in the previous year.  

Whereas, there was minimal growth of 0.3% recorded for the Pakistani economy. As per previous year Pakistan customs data, there was around 6% growth in Pakistan's economy. This is a significant amount of decrease in Pakistan’s imports. The imports declined by 31% as compared to FY 2022.

In the current financial year 2023, Pakistan’s overall imports totaled to be $55 billion while it was $80 billion in 2022. As per Pakistan import data by country, China, UAE, Qatar, Indonesia and United States. During this period, Pakistan's top product imports were petroleum oils, broadcasting equipment, scrap iron, motor cars, dried legumes, plastics and electrical equipment. 

On the other hand, Pakistan's exports declined by 12% in 2023. Our Pakistan export data reports suggests that Pakistan's overall exports earnings were around $28 billion in 2023 while it was totaled to be $32 billion in FY 2022. Pakistan's exports are mostly dominated by rice and textiles. The United States, China, Germany, United Kingdom and UAE are the leading buyers of these products.

While the complete figures for Pakistan's overall imports and exports are yet to be released. The forecast is positive for the upcoming year. Pakistan export business owners can seize plenty of opportunities from the international market with a data driven approach. Taking into account the latest global market trends, price forecasts, and growth opportunities, companies can plan effective marketing strategies.

Exim Trade Data is one such reliable market intelligence portal which is providing the latest updated Global import export data provider of 200+ countries including Pakistan. In the reports, you will discover  in-depth insights into Pakistan's latest trade policies, commodities pricing, partner countries, port, importer and exporter. This will help you to get business prospects and boost your revenue.