By Commerce Reporter
LAHORE — Tanveer A Sheikh, Senior Vice President of the Lahore Chamber of Commerce & Industry (LCCI) has expressed serious concern over the recent surge in the country’s trade deficit, which has reportedly increased by 23% to approximately USD 28 billion during the current fiscal period.
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According to recent data, exports have shown modest growth; however, a significant rise in imports—particularly of machinery, petroleum products, and essential commodities—has widened the trade gap. This imbalance poses a serious challenge to economic stability, foreign exchange reserves, and long-term industrial growth.
The LCCI leadership emphasized that while industrial expansion and increased imports of capital goods reflect economic activity, the lack of corresponding export growth is alarming. Immediate steps must be taken to boost exports through incentives, diversification of markets, and value-added production.
The Senior Vice President urged the government to Introduce export-friendly policies and reduce the cost of doing business, stabilize the exchange rate to support exporters, facilitate access to financing for small and medium enterprises (SMEs) and Rationalize import policies to discourage non-essential imports.
Furthermore, the Chamber highlighted the importance of strengthening local industries to reduce dependency on imports and improve the balance of trade.
“The current situation demands a coordinated and proactive approach from policymakers. Without timely intervention, the growing trade deficit could exert additional pressure on the national economy,” the SVP stated.
The Lahore Chamber of Commerce & Industry remains committed to working closely with the government and stakeholders to promote sustainable economic growth and enhance Pakistan’s export competitiveness.
