Export sector be supported as trade deficit reached dangerous proportions

President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday asked the government to support the textile sector as its weakness has pushed trade deficit to the dangerous proportions. The current trade deficit of over thirty billion dollars is enough to sink the economy which has started showing signs of weakness, he said.

Mian Zahid Hussain said that slogans will not help improve the situation; therefore, meaningful steps should be taken to revive the export sector with special focus on textile which is the largest foreign exchange earning sector providing jobs to millions of people. Imports will touch the figure of 52 billion dollars while exports will remain below 20 billion dollars pushing trade deficit to 32 billion dollars in the current fiscal which is unsustainable, he said.

The business leader said that such a large deficit is enough to bankrupt the country without IMF loan. He said that government should promote the export sector through enabling policies to end dependence on the foreign lenders otherwise the situation will continue to deteriorate.

Textile sector stakeholders have blamed that government policies are damaging the export industry. Textile sector has been ignored in the budget while the export package of Rs 180 billion announced last year is yet to be implemented. Mian Zahid Hussain asked the government to reduce the price of inputs like gas and electricity, provide facilities matching that of competing countries and provide enabling environment otherwise the cost of falling textile sector will become unbearable for the economy.