Pakistan's raw material import increased 3.52 percent year on year in July-March of 2009-2010 to $4.5 billion against the import of $4.34 billion during the same period of previous fiscal year, revealed the data released by Federal Bureau of Statistics.
Raw material for finished products meant for export, witnessed noticeable growth due to increase in international demand and financial upturn in domestic market, as per the analysts.
Export industry of the country is dependent on the imports of raw materials, particularly in case of textile sector. Synthetic fibre imports witnessed 23.87 percent growth to $258.21 million during the first nine months of the current fiscal year. This import was stood at $208.45 million during the same period last year.
Similarly, synthetic fibre yarn imports went up to $249.3 million from $210.24 million during the same period. Pakistan imports a high volume of goods to fulfill local demands. The government had taken a decision of reducing the trade deficit by cutting down import volumes and increasing exports, during the previous budget, by encouraging local manufacturers.
The trade deficit, during the period under review, however, plunged down by 14.1 percent to $10.94 billion from last year's $12.74 billion.
Fibre2fashion News Desk - India
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