Pakistan’s exports increased by more than 22%: Senator Qadir

QUETTA (6 AM Report): Chairman Standing Committee for Petroleum and Resources and political and economic affairs expert Senator Muhammad Abdul Qadir has said that it is very gratifying that Pakistan’s exports and imports remained very encouraging until the end of last year.

In his a statement issued here on Saturday, he said last year, Pakistan’s exports increased by more than 22 percent and imports decreased by more than 12 percent

Which is a very happy thing for Pakistani economy, Pakistan’s exports increased by $511 million by the end of December 2023.

He said  that the targets set by Pakistan in terms of exports and imports, they need to maintain hard work, integrity and professionalism, economy is the backbone of any country.

The imbalance between exports and imports makes the country’s economy suffer, in order to stabilize the country’s economy on a permanent basis, we have to increase our exports substantially and significantly reduce our imports, he said.

He said that despite such difficult economic, conditions, an impressive trend has been seen in Pakistan’s economy, so this positive decimal is very encouraging and satisfying.

He said that Pakistan’s trade deficit has shrunk by 34% to 11 billion 148 million dollars.

Which is less than 16 billion 965 million dollars in the same period of last year, there is a decrease in the deficit of 5 billion 81 million 76 million dollars.

During the same period, the imports decreased significantly by 16.28% compared to the year 2022 which decreased from 31 billion 209 million dollars to 26 billion 129 million dollars.

Chairman Standing Committee said that Pakistan has to adopt a self-reliant approach, Pakistan is a country rich in mineral resources.

China and Russia have shown significant interest in the mineral sector, apart from this, there is a need to ensure abundant supply of cheap electricity and gas to industries while making huge improvements in the energy sector so that the cost of production is reduced and Pakistani products do not face pressure in the global markets.

If the demand for Pakistani products increases abroad, then Pakistan’s exports will prove helpful in reducing the burden on the country’s economy, he said.