Pakistan's import trade registered a steady growth between 1947-8 and 1971-2. Since 1972, the trade in imports has accelerated. Between 1972-3 and 1989-90, imports increased 40 times, and from 1990 to 2000, four times. This rapid growth can be accounted for by various economic factors. In 1972, the Pakistan Rupee was devalued by 100 percent, so within one year, the value of imports doubled. From 1973, there was an uprecedented rise in the price of petroleum and Pakistan had to pay heavily for its purchase. With the introduction of a managed floating exchange rate in 1982, there was a marked depreciation in the Rupee, causing the value of imports to rise again. The Rupee continues to depreciate.
Composition of Imports.
Pakistan was once a heavy importer of consumer goods. With industrial development, the types of goods imported have changed Capital goods and industrial raw materials started to gain prominence and by1960-1, they accounted for 71 percent of imports. In recent years, industrial raw materials have accounted for 60 percent of imports, capital goods 26 percent and consumer goods 14 percent.
Machinery, transport equipment, iron and steel, and electrical goods rank high on the imports list. They are largely imported from Japan, China, the United States and Europe. Petroleum and its products have always remained a major import item.
In the early Pakistan was self sufficient in food crops. However, within in a few years, because of the rise in population, Pakistan became a net importer of food, grains, edible oil, milk.
Particularly from the United States. Till 1971, tea used to come from East Pakistan, after that Pakistan had to import tea from countries as Srilanka and Kenya. Teas accounts for about 2 to 5 percent of the total value of imports. Pakistan also imports large quantities of edible oil mainly from the United States for the production of vegetable ghee.
As Pakistani farmers make more and more use of fertilizers for their crops, the country often experiences shortages in chemical fertilizers even though there is a size able local production. A large quantity of metallic minerals and art silk yarn is also imported.
Composition of Imports.
Pakistan was once a heavy importer of consumer goods. With industrial development, the types of goods imported have changed Capital goods and industrial raw materials started to gain prominence and by1960-1, they accounted for 71 percent of imports. In recent years, industrial raw materials have accounted for 60 percent of imports, capital goods 26 percent and consumer goods 14 percent.
Machinery, transport equipment, iron and steel, and electrical goods rank high on the imports list. They are largely imported from Japan, China, the United States and Europe. Petroleum and its products have always remained a major import item.
In the early Pakistan was self sufficient in food crops. However, within in a few years, because of the rise in population, Pakistan became a net importer of food, grains, edible oil, milk.
Particularly from the United States. Till 1971, tea used to come from East Pakistan, after that Pakistan had to import tea from countries as Srilanka and Kenya. Teas accounts for about 2 to 5 percent of the total value of imports. Pakistan also imports large quantities of edible oil mainly from the United States for the production of vegetable ghee.
As Pakistani farmers make more and more use of fertilizers for their crops, the country often experiences shortages in chemical fertilizers even though there is a size able local production. A large quantity of metallic minerals and art silk yarn is also imported.
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