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Trade deficit shrinks as imports decline and exports go up

ISLAMABAD: Government’s policy measures have resulted in shrinking of trade deficit, decline in imports and increase in exports which augurs well for overall balance of payment of the country. The trade deficit that stood at US$ 17.7 Billion in July- December 2017 has shrunk by 5 percent to US$16.8 billion in the corresponding period in 2018, the Press Information Department reported on Friday. The overall imports from July-December 2018 have shrunk by over 2 percent from US$ 28.7 billion in July – December 2017 to US$…

Govt increased import duties to depress imports: Senate informed

ISLAMABAD: The Senate was informed on Friday that the government had increased import duties to cut imports. Adviser to Prime Minister on Commerce and Textile Abdul Razzaq Dawood told the house during question hour that import substitution policy had also been launched in order to increase domestic production and exports. He said duties on raw material would be reduced to support and strengthen the manufacturing sector. Razzaq Dawood said oil import substitution was a long term policy. He said refining capacity of…

China to slap additional tariffs on $16 billion worth of U.S. goods

BEIJING: China is slapping additional tariffs of 25 percent on $16 billion worth of U.S. imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world’s largest economies escalated their trade dispute. The tariffs will be activated on Aug. 23, the ministry said, the same day that the United States plans to begin collecting 25 percent extra in tariffs on $16 billion in Chinese goods. The United States published its final list of goods subject to the new tariffs on…