But it’s the global meltdown’s fault!

Minister for Commerce Makhdoom Ameen Fahim Friday said increase in the country’s trade deficit to a huge $ 15 billion was because of the international financial crises. During FY12 Pakistan’s trade deficit swelled beyond $ 15 billion with imports ballooning to over $ 40 billion and exports standing slightly below $ 25 billion. This increase in the country’s trade gap widened Pakistan’s current account deficit to over $ 4 billion during FY2011-12.
The federal minister, however, was upbeat that events like Expo Pakistan Exhibition 2012 would help the dollar-hungry country increase its exports as well as attract the much-needed foreign investment. He was briefing reporters here at Trade Development Authority of Pakistan (TDAP) after chairing a review meeting on the mega exhibition in which, the federal minister said, a large number of buyers from across the globe had assured their participation. Fahim said the event would be organized in line with international standards so Pakistani products could be better introduced to the foreign buyers who usually stay away from the country for their perceived security concerns. Fashion industry, he said, was world over flourishing and fashion shows were being held in almost all exhibitions. He said women were the best buyers and in Pakistan constitute 50 percent of the population. About problems of the stakeholders, the federal minister said his ministry had directed TDAP to hold a regional conference to address the same. He said Pakistan’s commercial counselors deputed abroad would also be called in to attend the moot. To a query, he said the commercial counselors were given another month to arrive back in Pakistan to attend the Expo event.