Pakistan’s trade deficit is $15.58 bn

By IANS,

Islamabad : Pakistan’s trade deficit for 2010-11 was a staggering $15.58 billion, the national assembly was told.

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Minister for Commerce Makhdoom Amin Fahim Wednesday said the overall deficit for the year 2010-11 was $15.58 billion with $1.7 billion for the month of December 2010.

He said in a written reply that the reason for increase in trade deficit was mainly due to a hike in oil and other commodities prices which formed the bulk of Pakistan’s import, reported Associated Press of Pakistan.

Fahim said the commerce ministry had developed a three-year strategic trade policy framework 2009-12 for achieving sustainable high economic growth through exports which would ultimately reduce the trade deficit.