Govt Proposes Export Regulation to Curb Inflation Ensure Essential Food Supply
According to sources, the Ministry of Commerce has proposed a new strategy to regulate exporting essential food items such as fruits, meat, poultry, sugar, and rice.
The move came at a time when the government aims to curb inflation and ensure the availability of essential items at affordable prices. The ministry has also proposed to take strict action against those who export items that are in short supply, leading to price hikes.
Additionally, the government plans to facilitate the import of essential items that are in short supply and take measures to prevent smuggling.
Sources revealed that the ministry has also suggested increasing border security to prevent the illegal trade of edible items. The government will also ensure that exporters bring back their foreign exchange earnings to Pakistan to avoid capital flight. All these measures will be presented to the cabinet for approval, sources said.
US UAE UK top 3 export destinations of Pakistani products
It is important to note here that the United States (US) remained the top export destination of Pakistani products during the first month of the current financial year 2024-25, followed by the United Arab Emirates (UAE) and the United Kingdom (UK).
Total exports to the US during July 2024 were recorded at US $476.017 million against the exports of US $443.789 million during July 2023, showing an increase of 7.26 percent, according to the State Bank of Pakistan (SBP).
This was followed by the UAE, wherein Pakistan exported goods worth US $216.918 million against the exports of US $201.319 million last year, showing an increase of 7.74 percent.
UK was the third top export destination, where Pakistan exported products worth US $183.303 million during the month under review against the exports of US $151.554 million, SBP data revealed.
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