Pakistan has always been in the deficit regarding balance of payement, the reason behind this is that the government of Pakistan has always focused of saving the foreign exchange rather than earning it,
Successive governments of Pakistan have focused on saving the foreignexchange rather than earning it. Whereas, there has been an bias of anit-export and on the other hand a very composite system of foreign exchange control to contain the imports to balance the foreign exchange availability.
Foreign trade plays an important role to the economy because of the variety of products that the country import to fulfil its needs. Since 1950 the import rate has increased a lot as compared to the export rate, and from 1973 to 1992 each year Pakistan had …show more content…
In 1992, 37% of all exports were accounted to be cotton products, such as raw cotton, cotton yarn, cotton cloth, and cotton waste. Whereas other imperative exports were ready made garments, which were of 15% ,synthetic textiles were of 6%, and rice which was of 6% as well. In 1990s, Pakistan 's balance of trade remained particularly weak in the early stages due to the changes in the world economy and bad weather. Gradual increases in crude oil prices, during the year 1979-81 and 1990, raised the nation 's oil demand and the import rate was also significantly affected. On the other hand, exports were more sensitive towards agricultural. The decrease in cotton production in 1993, seriously affected the export rate of the country and impacted the economy of the country as well .Sources for imports and exports were widely disturbed, and they went up down from year to year. United States and Japan were Pakistan 's most important trading partners in the early 1990’s. In 1993, United States held 13.7 % of Pakistan 's exports and 11.2 % of its imports. Japan were accounted for 6.6 % of exports and 14.2 % of imports. Other important trading partners also included Germany, Britain, and Saudi Arabia. Due to several expansionary policies adopted by President Pervez Musharraf a considerable increase in trade was seen during his tenure as the Chief executive of Pakistan. Overall exports of the economy booted by more than 100 % from $8.5 billion, which were stated when Musharraf took the office the export revenue was $8.5 billion, the exports of the economy had a boosting increase of 100% till the end of his tenure, in the fiscal year 2007, the revenue reported was to be $18.5 billion annually. The growth of its major leading export boosting sector was seen quite considerably. Textile industry which plays an important part in
Successive governments of Pakistan have focused on saving the foreignexchange rather than earning it. Whereas, there has been an bias of anit-export and on the other hand a very composite system of foreign exchange control to contain the imports to balance the foreign exchange availability.
Foreign trade plays an important role to the economy because of the variety of products that the country import to fulfil its needs. Since 1950 the import rate has increased a lot as compared to the export rate, and from 1973 to 1992 each year Pakistan had …show more content…
In 1992, 37% of all exports were accounted to be cotton products, such as raw cotton, cotton yarn, cotton cloth, and cotton waste. Whereas other imperative exports were ready made garments, which were of 15% ,synthetic textiles were of 6%, and rice which was of 6% as well. In 1990s, Pakistan 's balance of trade remained particularly weak in the early stages due to the changes in the world economy and bad weather. Gradual increases in crude oil prices, during the year 1979-81 and 1990, raised the nation 's oil demand and the import rate was also significantly affected. On the other hand, exports were more sensitive towards agricultural. The decrease in cotton production in 1993, seriously affected the export rate of the country and impacted the economy of the country as well .Sources for imports and exports were widely disturbed, and they went up down from year to year. United States and Japan were Pakistan 's most important trading partners in the early 1990’s. In 1993, United States held 13.7 % of Pakistan 's exports and 11.2 % of its imports. Japan were accounted for 6.6 % of exports and 14.2 % of imports. Other important trading partners also included Germany, Britain, and Saudi Arabia. Due to several expansionary policies adopted by President Pervez Musharraf a considerable increase in trade was seen during his tenure as the Chief executive of Pakistan. Overall exports of the economy booted by more than 100 % from $8.5 billion, which were stated when Musharraf took the office the export revenue was $8.5 billion, the exports of the economy had a boosting increase of 100% till the end of his tenure, in the fiscal year 2007, the revenue reported was to be $18.5 billion annually. The growth of its major leading export boosting sector was seen quite considerably. Textile industry which plays an important part in