http://www.nation.com.pk/daily/july-2006/8/bnews9.php
Plan to set $20b export target for new fiscal
From HAQ NAWAZ
ISLAMABAD - Even after missing the export target of 17 billion dollars in the last fiscal, the government is considering to set 20 billion dollars export target for the financial year 2006-07.
The sources in the Commerce Ministry confided to TheNation that it was floating a new plan of the trade managers to fix the export target and leave the imports free without fixing any specific target.
“The ministry’s main responsibility is to increase the level of exports and not imports because one can not stop imports in the changing global trade scenario,” an official argued.
The official was of the view that no one could exactly estimate the total volume of the imports as the world was progressing towards globalization and it would be a hard choice for a country to contain other countries’ products into the local market.
“Our own market is also expanding and the demand is also up at present and it was difficult for a country like Pakistan to meet the local demands,” he insisted.
On the other hand trade mangers are also considering various options to enhance the country’s exports to earn a huge amount of foreign exchange. “This will enable the government to help reduce the pressure on the balance of payment in terms of the continued surge in the imports,” another official said.
According to the sources, the under review proposal to fix export target at $20 billion for the current fiscal is an ambitious one at the short run but the commerce high ups have to go for the target and focus on other potential areas of exports.
The government has achieved over $16 billion of foreign exchange from the exports of the country during the fiscal ending June 30, 2006. The exports target has been set at $17 billion and imports at $21 billion for the year 2005-06. The picture of foreign trade reflects that the exports remained a little behind the target and the imports are higher than the projected target and might touch $26 billion against $21 billion when the trade is finalised.