Govt should focus on accelerating exports, remittances as trade deficit widening: Mian Anjum.

KARACHI -- As the Pakistan's trade deficit has expanded by 14.70% to $2.06 billion in Nov 2020, the apex chamber of the country has urged the government to focus on further accelerating exports and remittances, as the imports that were previously on a declining path, have now started picking up, indicating the growing economic activities but at the same time signaling the widening of the trade deficit too which is not good for the economy.

President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Anjum Nisar has stated that the economic managers were boasting of their performance on the plea of current account balance, which has witnessed a surplus for the fourth consecutive month in October, rising to $382 million.

It into be noted that back in Sept 2020 the current account had remained in surplus for the third month in a row at $73 million, making a history with a 17-year high surplus in the July-Sept quarter compared to a deficit of $1,492 million of last year's same time on the back of 29 percent rise in exports and 9 percent improvement in remittances.

'But it should be kept in mind that the surplus emerged on the back of a sustained increase in remittances and a smaller trade deficit, as since the start of this fiscal year in July, the cumulative current account surplus has reached $1.2 billion, reversing the $1.4bn deficit recorded in the same period last year.

The FPCCI President was talking to a trade and industry delegation, who met him here in his office on Saturday.

He said that the country's current account...