Pakistan’s Commerce Minister, Mr. Humayun Akhtar Khan said Pakistan will achieve its exports target of US $ 17 billion for the current financial year. The minister highlighted the trade performance during July-Nov 2006, in which the country’s exports registered 23 % growth while talking to journalists after a press conference on 26 Dec. “The trade deficit position is not so alarming,” the minister replied. The exports, which were previously stagnating between US $ 8 – US $ 9 billion mark, crossed the US$12 billion for the first time in the year 2004-05. Since then, we are looking forward to increasing our exports to new record he added. In this regard, we have set a new target of US $ 17 billion for the year 2005-06. The export growth that we have achieved so far during the first five months (July-November 2005) indicated that we would be able to achieve the target. Mr Khan said, the exports, which were previously stagnating between US $ 8 and US $ 9 billion, had crossed the US $ 10 billion mark for the first time in the year 2003. He further said during the first five months of 2005-2006, exports increased significantly by around 23 % to $6.6 billion from $5.4 billion during same period of last year, thereby registering an increase of $1.2 billion in absolute terms.
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| Export growth was driven mainly by substantial rise in volume, he added. Export of cotton cloth increased by 33 %, readymade garments by 72 %, cotton yarn by 43 %, and towels by 12 % in value during the period under review, the minister said. The export of primary commodities during July-November 2005-06 increased to $553 million from $437 million registering an increase of 27 %. All the major primary commodities increased in the range of 12 % to 45 % except raw cotton and fruits, which declined by 24 % and 7 % respectively during the period, he said. He said imports during July-Nov 2005-06 increased to $11.2 billion from $7.2 billion of the corresponding period last year, an increase of 54 %. Major contributors to increase in the import bill, he said, were machinery group ($1.08 billion), petroleum ($1.04 billion), metal group ($322 million) and chemicals ($170 million) in absolute term, he added. Import of non-food, non-oil items increased by 52 % during July-Nov 2005, Mr. Khan observed. He said, the increase had been in those sectors, which give impetus to the growth in exports. Increase in imports was an indicator of expansion in the economy and it would ultimately help in achieving a sustainable GDP growth rate, he remarked. Replying to a question, he said that balance of payments position of Pakistan was very healthy. 
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