Islamabad December 3 2021: Adviser to the Finance and Revenue Mr. Shaukat Tarin, presided over a meeting to review the balance of trade at Finance Division, today.
Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Mr. Hammad Azhar, Adviser to the PM on Commerce & Investment Mr. Abdul Razak Dawood, Federal Secretaries, Governor SBP, Chairman FBR and other senior officers participated in the meeting.
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Central Bank Foreign Exchange Reserves Drop By USD 1.2 Billion During November 2021: SBP
The meeting reviewed and discussed the import bill of last five months- July to Nov 2021. It was informed that the pressure on import bill was mainly due to global high commodity prices especially energy, steel, and industrial raw materials. The forum also noted that high import of vaccine contributed significantly to the rise in import bill.
“So far USD 1.76 bn spent on vaccines imports in the first five months of this fiscal year; USD 9.5bn used on energy imports which is USD 5 bn higher. Importantly, we are sustaining all these import pressures. January-June 2022, import pressure likely to ease significantly” says Muzzammil Aslam spokes man to finance minister.
He added, ” During November alone, energy imports stands at USD 2.4bn (+166%), Raw material USD 2.2bn (+ 66%), capital goods & machinery USD 1.14bn (+72%), Food USD 911mn (+22%), vaccines USD 621mn (+2500%)”
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Moreover, it was informed that that there will be less import of food items, furnace oil and vaccine in the coming months that will significantly reduce the pressure on trade bill in the second half of the current fiscal year.
At the conclusion, Adviser to the PM on Finance and Revenue advised the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.
