Foreign_trade_of_Pakistan
Foreign trade of Pakistan
Imports and exports in Pakistan
Pakistan has bilateral and multilateral trade agreements with many nations and international organizations. It is a member of the World Trade Organization, part of the South Asian Free Trade Area agreement and the China–Pakistan Free Trade Agreement. Fluctuating world demand for its exports, domestic political uncertainty, and the impact of occasional droughts on its agricultural production have all contributed to variability in Pakistan's trade deficit. The trade deficit for the fiscal year 2013/14 is $7.743 billion, exports are $10.367 billion in July–November 2013 and imports are $18.110 billion.
Pakistan's exports continue to be dominated by manpower export in the subcontinent, cotton textiles and apparel. Imports include petroleum and petroleum products, chemicals, fertilizer, capital goods, industrial raw materials, and consumer products.[1]
On 12 December 2013, the European Union granted GSP Plus status to Pakistan[2] until 2017, which enabled it to export 20% of its good with 0 tariff and 70 percent at preferential rates to the EU market. This status was given after the European Parliament passed the resolution by 406-186 votes.[3] Foreign trade is important for the economy because the country has to import different types of products but due to a heavy reliance on imports, Pakistan has been facing a trade balance deficit.[4]
