Trade Deficit with China burdening Pakistani economy
Islamabad, Pakistan: Economy of Pakistan is under stress as trade with China has become biggest factor for Trade Deficit as share of exports to China stands as 7.75% (of total export of Pakistan) while import from China is 29.1% out of total import bill of Pakistan. Gross trade deficit with China surpasses $12,089,295,055 in year 2016.
Business and Trade figure released by “Global Edge Business Knowledge” indicates that diplomacy of Pakistan does not match with business and trade relations with countries which are considered as strongest friends of Pakistan. Pakistan promotes Pak-China trade volume as indicator of Pak-China friendship but figures indicate that Pakistan is earning $1,590,858,058 (7.75% of total exports of Pakistan) through exports to China while sending cash worth $13,680,153,113 (29.1% of total Imports of Pakistan) to China. Figures show minus trade trend with China amounting as higher as $12,089,295,055.
Situation is not different when someone talks about other friendly countries. United Arab Emirates (UAE) is considered as one of the closest friends of Pakistan which is buying goods worth $784,747,188 (3.82% of total of exports of Pakistan) while selling goods worth $6,202,089,915 (13.2% of total imports of Pakistan) showing a trade deficit amounting $5,417,342,727.
Saudi Arabia is also time-tested Muslim brotherly country for Pakistan which is buying goods worth $380,435,146 (1.85% of total exports of Pakistan) while selling goods worth $1,843,133,472 (3.92% of total imports of Pakistan). Figures indicate that trade deficit for Pakistan with Saudi Arabia stands at $1,462,698,326.
Turkey is becoming one of the most important trade partners of Pakistan which is buying goods amounting $236,873,374 (1.15% of total exports of Pakistan) while selling goods worth $260,077,806, indicating trade deficit of -$23,204,432.
United States which has turbulent diplomatic relations with Pakistan after US President Trump took the charge is buying goods worth $3,429,743,344 (16.7% of total exports of Pakistan) and selling goods worth $2,006,823,022 (4.27% total of imports of Pakistan). US stands as top trade partner that has plus trade trends with Pakistan amounting $1,422,920,322.