Thu, Apr 27, 2017 | updated 10:07 PM IST

Pak govt. fails to improve business environment as trade deficit continues to grow

Updated: Jan 10, 2017 06:21 IST      
Pak govt. fails to improve business environment as trade deficit continues to grow
Karachi [Pakistan], Jan. 10 (ANI): Even as the Pakistan Muslim League (PML-N) led government is claiming record economic progress in the country, Pakistan Bureau of Statistics (PBS) has reported that the yearly decline in exports entered into its eleventh straight quarter in the September -December 2016 period.

According to a PBS report, during July-December 2016, the trade deficit jumped 22.2 percent to USD 14.59 billion, the largest imbalance since August 2016, reports the Daily Times.

Trade deficit in December widened by 35.68 percent to Rs 2.86 billion while balance of trade in Pakistan averaged Rs 2.9 billion from 1957 until 2016, reaching an all time high of Rs 6457 million in June 2003 and a record low of Rs 2.9 billion in June 2016.

The trade deficit in first half of fiscal year 2016-17 (FY17) rose to the second highest level in 2016 as imports increased, while Pakistani exports fell for eleventh quarter consecutively.

"With uncertain recovery in demand from developed economies and China (as its economy undergoes a structural transformation), Pakistan's export performance is not likely to improve unless our exporters improve their competitiveness, adopt innovative production methods, and diversify their products and markets', said the State Bank of Pakistan (SBP) in its quarterly report for first quarter FY17.

According to PBS data, the country's exports remained on lower trajectory, showing 3.82 percent yearly decline to USD 9.9 billion in first half of FY17, as compared to USD 10.3 billion in corresponding period of FY16.

Similarly, import bill surged by 10.11 percent, as the total import receipts of the country settled at USD 24.4 billion in said period while it was USD 22.1 billion in same period of previous fiscal.

In the month of December 2016, trade deficit surged by enormous 35.68 percent to USD 2.76 billion as compared to the trade deficit of USD 2.03 billion in December 2015.

The exports from the country to the world witnessed 3.09 percent decline in the month of December 2016 to USD 1.72 billion as against USD 1.78 billion of December 2015 while imports increased by 17.58 percent in December 2016 to USD 4.48 billion against USD 3.81 billion in December 2015. (ANI)

Warsaw [Poland], April 27 (ANI): Vice President Hamid Ansari has said that Poland supports India's bid for membership in Nuclear Suppliers Group and also a permanent membership in expanded United Nations Security Council.

Full Story >>

Warsaw [Poland], Apr 27 (ANI): Vice President Mohammad Hamid Ansari has said that if Polish business looks for markets and business opportunities beyond Europe, India is a natural destination.

Full Story >>

Man arrested with weapon near British Parliament

Updated: Apr 27, 2017 20:51 IST     

London [UK], April 27 (ANI): A man has reportedly been arrested by London police after being found in possession of weapons near the British Parliament.

Full Story >>

Nepali trekkers rescue Taiwanese after 47 days

Updated: Apr 27, 2017 20:07 IST     

Binod Prasad Adhikari

Full Story >>

Brexit not to affect UK-Bangladesh ties: Former British PM

Updated: Apr 27, 2017 18:38 IST     

Dhaka [Bangladesh], April 27 (ANI): Former British Prime Minister David Cameron has said that the Brexit would not affect bilateral relations between the United Kingdom and Bangladesh.

Full Story >>

Pak poll body refuses to allot 'bat' symbol to PTI

Updated: Apr 27, 2017 18:14 IST     

Islamabad [Pakistan], April 27 (ANI): The Election Commission of Pakistan (ECP) has barred former cricketer Imran Khan's Pakistan Tehreek-e-Insaaf (PTI) from using the 'bat' as an electoral symbol for upcoming by-elections until the party holds intra-party elections and fulfills its legal requirement.

Full Story >>

Islamabad [Pakistan], April 27 (ANI): Pakistan has said that the decision to provide consular access to alleged Indian spy Kulbhushan Jadhav would be taken on merit.

Full Story >>

Moscow [Russia] Apr 27 (ANI): Pakistan Defence Minister Khawaja Asif termed the United States' missile strike against Syria as 'foreign interference'.

Full Story >>

Pakistan lashes out against India over Kashmir issue

Updated: Apr 27, 2017 15:12 IST     

Moscow [Russia], Apr 27 (ANI): Pakistan Defence minister Khawaja Asif has said that the unresolved Kashmir issue had the potential to threaten the peace and stability of the entire region even as he accused India of not reciprocating the efforts made by Islamabad.

Full Story >>

Lahore [Pakistan], Apr 27 (ANI): The Lahore High Court has issued notices of contempt of court to the chief executive officers of Ittefaq, Chaudhry and Haseeb Waqas sugar owned by members of Prime Minister Nawaz Sharif's family for operating the mills in defiance of a stay order.

Full Story >>

Japanese firms help rebuild quake-affected areas

Updated: Apr 27, 2017 14:49 IST     

Tokyo [Japan]/Yangon [Myanmar], Apr 27 (ANI): The Great East Japan Earthquake that occurred on March 11, 2011 caused extensive damage to the Tohoku area in Japan.

Full Story >>

Caracas [Venezuela], Apr 27 (ANI): Venezuelan Foreign Minister Delcy Rodriguez has said the country would withdraw from the Organisation of American States (OAS).

Full Story >>

Pakistan arrests 29 Indian fishermen for violating sea limits

Updated: Apr 27, 2017 12:09 IST     

Karachi [Pakistan], Apr 27 (ANI): Pakistan on Thursday arrested 29 Indian fishermen near its coast alleging that they violated the maritime boundaries.

Full Story >>

Chinese Mainland dismisses 'dwarfing Taiwan' accusations

Updated: Apr 27, 2017 12:06 IST     

Beijing [China], Apr 27 (ANI): The Chinese mainland has dismissed accusations that it had "dwarfed" Taiwan by changing how the island was addressed on mainstream media.

Full Story >>

Pak FM, U.S. NSA discuss Kashmir at White House

Updated: Apr 27, 2017 11:25 IST     

Washington [U.S.A.], Apr 27 (ANI): In the first official meeting between representatives of Washington and Islamabad, all thorny issues including India-Pakistan relations and Kashmir were discussed on the table when Pakistan Finance Minister Ishaq Dar met U.S. National Security Advisor H.R. McMaster at the White House on Tuesday.

Full Story >>

THAAD in South Korea to be operational soon: U.S.

Updated: Apr 27, 2017 11:09 IST     

Washington [USA], Apr 27 (ANI): The United States advanced missile defense system Terminal High Altitude Area Defense (THAAD), which is being installed in South Korea to mitigate threats by Pyongyang, will soon be operational.

Full Story >>

Jerusalem [Israel], Apr 27 (ANI): Explosions were heard near Damascus's airport on Thursday morning, allegedly caused by an Israeli airstrike.

Full Story >>

Islamabad [Pakistan], April 27 (ANI): The departments tasked with deputing a representative each to the joint investigation team (JIT), which will probe the money laundering case against Pakistan Prime Minister Nawaz Sharif and his family, have submitted lists of the proposed names to the Supreme Court.

Full Story >>

Lahore [Pakistan], Apr 27 (ANI): The Lahore High Court on Thursday is likely to hear a petition challenging Jamaat-ud- Dawa (JuD) chief Hafiz Muhammad Saeed's detention by Pakistan.

Full Story >>

Washington [U.S.A.], Apr 27 (ANI): FBI director James Comey is set to testify before the Senate Judiciary Committee scheduled for May 3.

Full Story >>