What Are The Strategies Pakistan Uses For Its Trade Business?

Pakistan customs import-export data is an analytically designed powerful tool that consists of several crucial and valuable information of different fields in the trade business.

The custom import-export data that Exim Trade Data offers includes major fields of crucial and essential details such as HS Code, Name of Importer & Exporter, Address of Importer & Exporter, Product Description, Port Name & Details, Shipment & Consignment Details, Unit, Rates, Value, Quantity. Weight and Date etc.

According to the reports. Pakistan was the 51st largest importer and 68th largest exporter country in the world in the year 2019.

Year-wise Import-Export Value of Pakistan Trade Business

Based on Pakistan Import Data, given below are the total import trade value of Pakistan according to Pakistan import data year wise:

● In 2017, the total import of Pakistan was $53.59 billion, an increase of 19% from 2016.

● In 2018, the total import of Pakistan was $63.14 billion, an increase of 17.82% from 2017.

● In 2019, the total import of Pakistan was $56.53 billion, a decline of 10.46% from 2018.

● In 2020, the total import of Pakistan was $43.86 billion, a decline of 22.42% from 2019.

Export Trade Data

Given below stats are based on Pakistan export data, and the total export value of Pakistan is shown as per Pakistan export data year wise:

● In 2017, the total export of Pakistan was $25.15 billion, a decline of 1.32% from 2016.

● In 2018, the total export of Pakistan was $28.22 billion, an increase of 12.22% from 2017.

● In 2019, the total export of Pakistan was $28.15 billion, a decline of 0.25% from 2018.

● In 2020, the total export of Pakistan was $25.26 billion, a decline of 10.29% from 2019.

What are the Main Exports of Pakistan?

Based on markets research reports and Pakistan export data 2020, Miscellaneous Textiles & Worn Clothing $4.3 billion (19.2%), Cereals $2.1 billion (9.5%), Knit or Crochet Clothing & Accessories $3.1 billion (13.8%),  Clothing Accessories  (Not Knit or Crochet) $2.6 billion (11.8%), Cotton $2.6 billion (11.9%), Technical, Optical & Medical Apparatus $380.5 million (1.7%), Leather & Animal Gut Articles $583.4 million (2.6%), Cement, Sulphur, Salt & Stone $423 million (1.9%), Copper $435.3 million (2%), and Edible Fruits & Nuts $418.6 million (1.9%) were some of the most exported products of Pakistan according to Pakistan Export Data and trade statistics.

Pakistan’s Exports Trade Data 2020 by Country

Market analysis reports and research data suggest that the United States of America $4.14 billion (18.6%), China $1.86 billion (8.39%), United Kingdom $1.72 billion (7.76%), United Arab Emirates $1.09 billion (4.93%), Germany $1.39 billion (6.27%), Netherlands $1.09 billion (4.92%), Spain $794 million (3.57%), Afghanistan $870 million (3.91%), Bangladesh $583 million (2.62%), and Italy $718 million (3.23%) were the top export partner countries of Pakistan according to Pakistan export data 2020 by country.

To ensure that the data we provide is 100% genuine, authentic, and reliable we source data from various authorized sources of links such as Authorized Customs Departments, Logistics & Shipping Companies, Trade Associations, Port Authorities, Government Bodies, and some other authoritative links.

For more info on any global country, you can visit our official website and ask for free sample data or even book a free demo to get the overall overview of your trade business.

Are You Looking PAKISTAN’S TRADE STRATEGY and Data for Pakistan Importer Data

 What are the objectives and development does Pakistan’s trade policy and strategy look to achieve? For the last forty years, many developing economies and countries have captured the coat-tails of the global trade boom and jumped up the growth ladder by following an export-led growth strategy. 

This strategy has frequently not been incorporated into a broader “ industrial policy” which has yet to accelerate industrialization while engineering a fabrication transformation of the economy; initially stepping from agriculture to industry, and later labor. From intensive low value-added exports to capital-intensive production involving innovation and technological sophistication.

With hardly any exceptions, the most successful arising economies of today have pursued an export-led trail for growth. While this growth strategy includes a myriad of policy interventions, each successful exporting nation follows a series of policies tailored to its specific needs & requirements. The general elements are as follows:

❖ Administration of export incentives

❖ Subsidized credit 

❖ A depreciate exchange rate 

❖ Selective liberalization of imports

While India may be quoted by some as an example of an economy that developed without a clear export-led strategy, the unprecedented growth in its manufactured exports over the past two decades has been a significant driver of growth. For example, while China’s exports have increased more than six-fold since the year 2000, India’s exports have grown more than five-fold, placing it second in the list of top-performing exporting countries during this period. Other top-performers have been Turkey, Vietnam, Bangladesh, and Cambodia.

Comparatively, Pakistan’s exports have grown 2.7 times during this period, making it one of the low achievers on this score.

It’s obvious, Pakistan has not done well in this regard. It is difficult to understand a clear long-term strategy that Pakistan has adopted with respect to export promotion over the past three decades, except in the Ayub-era push towards rapid industrialization, where a number of incentives were provided to industry and the export sector.

If anything, seeable and absurd- patterns appear when Pakistan’s trade administration and performance in recent times is critically examined: the policymakers of the country have a definite import bias rather than a distinct export bias.

The most conspicuous illustration of anti export policy bias and the almost unwanted emphasis on imports dates from the Musharraf Shaukat Aziz period. The nominal exchange rate was kept firm for several years, resulting in a real recognition of the rupee at a time when almost all successful exporting countries were actively using the frail currency as a policy tool to boost their exports.

Additionally, the State Bank of Pakistan unlatched the pecuniary tap and began downpouring the economy with cheap loans. A large portion of this credit was used to finance import-based consumption and subsequently, hundreds of billions of consumer loans were written off from banks’ balance sheets as myriad SBP- engineered credit bubbles burst.

In addition, import tariffs were drastically reduced. Pakistani negotiators signed on to lower ‘binding’ tariffs under the WTO than other developing countries. And above all, Pakistan went ahead and signed a Free Trade Agreement with China in the year 2006-only the third country to do so.

As a result of these erroneous policies, Pakistan’s imports increased, far exceeding exports, setting the stage for the biggest crisis of payments in the country’s history. To put this in perspective, as of 2008, the country’s imports exceeded US$40 billion, with exports funding less than 50% of the import payments.

More disastrously, the country’s manufacturing sector was hit by the opening up of all kinds of imports. At a time when the share of manufacturing in GDP increased in many countries of Asia, the share of Pakistan’s manufacturing sector in GDP decreased, as did its share in employment and new investment. During this period, many industries either closed down or came under pressure, including the manufacture of footwear, ceramics, and tyres. Massively low invoices and uncontrolled smuggling have compounded the industry’s problems.

While Pakistan has gone down the path of full-scale opening up of imports into the economy, successful exporting nations have adopted a more cautious liberalization of imports, restricting free imports into the export sector through bonded warehouses and export processing zones.

Some enthusiasts of “free trade” trust that the economy needs efficiency-boosting “constructive destruction”, and opening up to import is an upright way to achieve this. Despite the appeal of the free trade argument, no country exercises this approach. Therefore, the United States protects its auto, steel, and financial services industry- and deliberately subsidizes the agricultural and defense sectors. Japan protects its steel, agriculture, etc. whereas South Korea guarded shipbuilding for years, while the European Union has granted thousands of billions in subsidies for its “incompetent” agriculture.

Furthermore, to reduce the level of security of domestic agriculture and industry at a time of serious provocations such as the internal security circumstances and the energy predicament of the past seven years, and expect these sectors to enhance their efficiency under such circumstances and in some cases in opposition to subsidized competition are a prescription for disaster.

CONCLUSION

Pakistan needs to update its current import-export strategy and should learn from the policy experience and current exercise of big & successful economies, including India, and proceed towards greater liberalization in a phased and systematic manner.

For any query related to import-export trade data, you can connect with us at info@eximtradedata.com.or Visit site: https://www.eximtradedata.com