The country exported goods worth $12.058 billion during July-December 2014-16 and country's exports during the first six month of July-December 2015-16 squeezed to $10.332 billion. Pakistan imports for the period under review have also declined by 7.86 per cent from $24.145 billion to $22.246 billion. As a result the country's trade deficit was recorded at $11.924 billion during July-December 2015-16 following $10.322 billion exports and $22.248 billion imports.
Similarly, the country's export during the month of December 2015 as compared to the same month a year ago also declined by 16.80 per cent. Pakistani exports have declined from $2.149 billion during December 2014 to $1.788 billion during November 2014-15. According to PBS, country imported goods worth $3.843 billion during December 2015 against $3.834 billion for the same month a year ago, reflecting an increase of 0.23 per cent. As a result, trade month on month deficit was recorded at $2.055 billion.
However, Pakistan's exports have shown a marginal growth of 7.58 per cent during December 2015 over previous month with total exports inching from $1.662 billion October 2015 to $1.788 billion. The marked appreciation of the real effective exchange rate over the last two years points to the need for continued structural reforms and supportive monetary, fiscal, and financial sector policies to maintain a competitive real effective exchange rate, supporting exports and import-competing industries.
Pakistani authorities apprised the Fund that they are implementing a strategy to take full advantage of trade preferences available from the European Union who have extended the Generalised System of Preferences plus benefits from January 1, 2014 on a broad range of Pakistan's exports. The government also remains committed to promoting trade with regional countries, especially under various regional trade arrangements.