Published On: Sat, Apr 3rd, 2021
Published in Category: Islamabad

ICCI for focusing on exports competitiveness to reduce trade deficit

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Islamabad: The Islamabad Chamber of Commerce & Industry (ICCI) has shown great concerns over the rising trade deficit, which has shot up by over 97 percent in March this year as compared to the corresponding month of last year and called upon the government to focus on promoting exports competitiveness of the country to enhance exports and reduce trade deficit on permanent basis.

President Islamabad Chamber of Commerce & Industry Sardar Yasir Ilyas Khan said that the trade deficit has ballooned to USD 2.968 billion in March this year from USD 1.502 billion in March 2020, while during a period of nine months, the trade deficit has jumped to USD 21.241bn from USD 17.352bn over the corresponding months of last year, showing an increase of over 22 percent, which should be a cause of serious concerns for the policymakers.

He said that the rising trade deficit would create serious balance of payment problems, cause further depreciation of rupee leading to destabilization of the overall economy and emphasized that the government should take urgent remedial measures to address this issue.