Pakistan's exports to hit US $27 billion in 2019: Official

Pakistan's volume of exports would increase to around US $27 billion in 2019, a top financial advisor to Prime Minister Imran Khan has said.

The Imran Khan led government is facing increasing pressure for rising inflation, new taxes and an overall struggling economic picture since coming into power last year after the general elections.

Adviser to Khan for Commerce, Textile and Industry Production Abdul Razak Dawood said that the target of exports the government had set by the year end was around US $27 billion.

"This year we will achieve the target of setting a new record for highest exports from Pakistan and we are looking at around US $27 billion of exports," Dawood said at an Edible oil conference here on Saturday.

The government is due to announce a mini-budget on January 23 in the National Assembly, which could bring more taxes and duties for the consumers and importers.

Stating that reducing imports was vital for economic growth, Dawood said the government is focusing on increasing the volume of exports in 2019.

Official data by State Bank of Pakistan shows that total exports have yielded US $11.5 billion in the first half of the current fiscal year which means another target of US $15.5 billion has to come in the remaining months of the fiscal year.

Dawood said that the government was formulating a strategy to increase exports this year and added that the figures for December 2018 were much better than December 2017.

"We have achieved success in acquiring a one billion dollar market in China for export of sugar and rice," he said.

Dawood admitted that one of the biggest challenges facing the country was current account deficit and the government was taking steps to resolve this.

He said the people would hear good news soon as the country's economy was headed for improvement despite the difficulties.

Dawood said that as opposed to the past when the country was asking China for infrastructure projects under the China Pakistan Economic Corridor (CPEC), "we (current Government) are asking them for agricultural input".

"We are pursuing an export-led growth strategy," he said.