Addressing a press conference on Monday he said that exports in the first seven months of the current fiscal year remained at $13.259 billion while imports stood at $32.54 billion as compared to $34.26 billion during the corresponding period last year. The trade deficit has reduced from $21.3 billion to $19.2 billion.
Dawood maintained that the result of currency devaluation will be visible on export trajectory in the coming five months. He further stated that a ban on the import of furnace oil and non-essential food items benefited the economy. He said cement exports have registered an increase of 50 percent, mainly to Sri Lanka and Bangladesh.
Responding to a question, the Advisor rejected reports that the International Monetary Fund (IMF) chief during recent talks with Prime Minister Imran Khan in Dubai set the condition to raise power and gas tariff to receive the bailout package. He said that only in January 2019 country''s exports witnessed an increasing trend by $1 billion because of duties on non essential items, adding that in coming five months exports would further increase.
He revealed to the media that import of hydel-machinery, energy supply and other luxury items also decreased during the period under review. Replying to a question, he said that edible oil imports reached $3 billion, which need to be decreased. Meanwhile Secretary Commerce Muhammad Younus Dagha stated that the government is committed to searching new potential markets in different regions of the world.
He said that "Look Africa" campaign was also part of this policy to explore the market of African region. Secretary Commerce said the government was also negotiating with Latin American countries including Brazil and United States for exploring new trade avenues to increase the trade volumes with these countries.