Commerce Ministry asked to conduct monthly sensitivity analysis for trade
ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has stressed on the Ministry of Commerce to conduct sensitivity analysis and build scenarios for effective forecasting both in imports and exports for each month of the year.
Presiding over a meeting to review the trade balance situation at the Finance Division on Monday, the finance minister said the economy is growing, as it registered a growth rate of 4 per cent during FY2021, while there is an increased demand for imports. As long as the trade deficit is within a sustainable level, it will stimulate economic recovery, he added.
Tarin said that the prudent policies adopted by the present government have stimulated economic recovery, amid the Covid-19 pandemic. The economy is heading in the right direction. The enhanced revenue collection along with improved ratings (Business Confidence Index and by international credit rating agencies) indicate that the economy has gained momentum and is geared towards an inclusive and sustainable economic growth.
The commerce secretary briefed the participants of the meeting about the trade balance situation during the last two months. Considering the expansion in the economic activities, import of one-time items like vaccine for the Covid-19 and increased demand for the raw materials have resulted in increasing imports during July and August 2021.
Federal Minister for Economic Affairs Division Omar Ayub Khan, commerce, Information Technology, Finance Division secretaries, State Bank of Pakistan Governor Dr Reza Baqir, Board of Investment executive director general and other senior officials participated in the meeting.
Adviser for Commerce Abdul Razak Dawood participated through a video-link.
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