Imports of Pakistan Essay

An import is any good or service brought into one country from another country in a legitimate fashion, typically for use in trade. Import goods or services are provided to domestic consumers by foreign producers. An import in the receiving country is an export to the sending country. Imports, along with exports, form the basis of international trade. Import of goods normally requires involvement of the Customs authorities in both the country of import and the country of export and is often subject to import quotas, tariffs and trade agreements. When the â€Å"imports† are the set of goods and services imported, â€Å"Imports† also means the economic value of all goods and services that are imported. The macroeconomic variable I usually stand for the value of these imports over a given period of time, usually one year. [pic][pic] Pakistan Imports Pakistan is a fast growth country given that it is in a tough neighborhood. For the last 5 years it has averaged 6-7% growth. Pakistan has been burdened with a costly arms race with the 8 times larger India. This has placed severe strain on her resources ever since her independence. However, there are signs that the country is trying to work its way out of the costly foreign policy and move towards greater economic development. Pakistan imports were worth 3649 Million USD in February of 2012. Pakistan imports mainly petroleum, petroleum products, machinery, plastics, transportation equipment, edible oils, paper and paperboard, iron and steel and tea. Its major import partners are: European Union, China, Saudi Arabia, United Arab Emirates and United States. This page includes: Pakistan Imports chart, historical data and news. Major Imports of Pakistan 1. Machinery. 2. Petroleum. 3. Chemicals. 4. Vehicles and spare parts. 5. Edible Oil. 6. Wheat. 7. Tea. 8. Fertilizers. 9. Plastic material. 10. Paper Board 11. Iron ore and steel. 12. Pharmaceutical products. Imports of Pakistan Pakistan’s imports are also highly concentrated in few items namely, machinery, petroleum and petroleum products, chemicals, transport equipment, edible oil, iron and steel, fertilizer and tea. These imports accounted for 73% of total imports during 2006-07. Among these categories machinery, petroleum/petroleum products and chemicals accounted for 53. 4% of total imports. Direction of Imports of Pakistan Pakistan’s imports are highly concentrated in few countries. Over 40 percent of them continue to originate from just seven countries namely, the USA, Japan, Kuwait, Saudi Arabia, Germany, UK and Malaysia. Saudi Arabia is emerging as major supplier to Pakistan followed by the USA and Japan. The shares of USA and Japan, with some fluctuations, exhibited a declining trend because of the shift in the import of machinery/capital goods and raw materials to other sources. On the other hand, the share of Pakistan’s imports from Saudi Arabia has been rising due to higher imports of POL products. Malaysia share has shown rising, as well as, falling trends over the years mainly on account of fluctuations in palm oil prices.