LAHORE - Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javed has said trade imbalance and rising foreign debts are reversing the benefits of hard-earned gains and situation would be more critical if immediate controlling measures are not taken.

In a statement, the LCCI president, Senior Vice president Khawaja Khawar Rasheed and Vice President Zeshan Khalil said that the country made a good economic progress in recent past but swelling trade deficit and debts put a reverse gear and are posing serious challenges to the economy. They said that according to a report, the trade deficit has widened by $12.13 billion in first four months of current fiscal year despite 10 percent growth in exports during the same period. The balance of trade widened by 31.24 percent to deficit of 12.13 during July-October 2017/2018 as compared with the deficit of $9.24 billion in the corresponding period of the last fiscal year.

The LCCI office-bearers said that issue of huge trade imbalance could only be tackled by enhancing exports. They said that Pakistan’s most favourite export markets have been Europe, North America and Gulf. The exporters need to look for new markets in Central Asia and in South towards Africa, Indonesia and Malaysia.