Pakistan’s Trade Deficit Reaches $39.5 Billion, Says UBG Leader SM Tanveer

Lahore: SM Tanveer, a senior leader of the United Business Group (UBG), has expressed concern over Pakistan’s widening trade deficit, saying it has reached $39.5 billion, the highest level in the past four years.

In a statement, Tanveer said imports increased by 8 percent during the fiscal year, while exports declined by 6 percent, describing the trend as alarming for the country’s economy.

He argued that Pakistan cannot achieve sustainable economic independence by relying on external borrowing or workers’ remittances alone, stressing that long-term economic stability depends on expanding exports.

Tanveer said high energy costs have made Pakistani products less competitive in international markets and urged the government to introduce electricity tariffs comparable to those in regional countries to support exporters.

He also maintained that high interest rates have severely affected industrial and commercial activity, making it increasingly difficult for businesses to obtain additional financing. He called on the State Bank of Pakistan to reduce the policy rate to help stimulate business and investment.

The UBG leader urged the prime minister and the finance minister to adopt a comprehensive long-term economic strategy focused on boosting exports and reducing the trade deficit through effective and sustainable policy measures.