Pakistan
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) 209 bn Goods Exports 26
GDP per capita (USD) 1,184 Imports 39
GDP volume growth (year-on-year) + 2.4% Net – 13
Population 176.75m Services Exports 5
MMR (year average) 12.47% Imports 8
Exchange rate PKR / USD (year average) 86.343 Net – 3
BoP (goods, services & income) as % of GDP – 8.9% Source: IFS, IMF, January 2013International/Regional memberships
South Asian Association for Regional
Cooperation (SAARC):
since 8 December 1985.
Organisation of Islamic Cooperation (OIC):
since 25 September 1969.
International Monetary Fund (IMF):
since 11 July 1950.
World Trade Organization (WTO):
since 1 January 1995.Government trade policy
Pakistan’s government actively pursues
bilateral trade agreements in order to
increase Pakistani exports and improve
economic growth. As a member of SAARC (www.saarc-sec.org),
Pakistan has agreed to the South Asia Free
Trade Agreement (SAFTA), which aims to
reduce tariffs for intra-regional trade among
the eight member states (Afghanistan,
Bangladesh, Bhutan, India, Maldives, Nepal,
Pakistan and Sri Lanka). Implementation of
SAFTA is due to be completed by 2016.
Pakistan has established free trade
agreements with China, Malaysia and Sri
Lanka, and preferential trade agreements
with Indonesia, Iran and Mauritius.
National export credit insurance provider:
Pakistan Export Finance Guarantee Agency
(PEFGA).Currency and exchange controls
Official currency: Pakistani rupee (PKR).
Exchange rate arrangement: free floating.
Pakistan imposes foreign exchange controls,
which are administered by Pakistan’s central
bank, the State Bank of Pakistan (SBP)
(www.sbp.org.pk).
Forward exchange transactions are available
for banks up to 12 months in advance, with
the option of rolling over transactions.
Export proceeds must be repatriated within
nine months if approved by the SBP or
within six months if not. Exporters can
hold the proceeds from exports from three
days before they are required to be sold to
authorised dealers. Proceeds from invisible transactions and
current transfers must also be repatriated.
Prior authorisation is required from the SBP
and Securities and Exchange Commission
of Pakistan (SECP) for residents to issue/sell
or purchase securities abroad.
Non-residents require the prior authorisation
of the SECP to solicit subscriptions for
shares and debentures.
Financial credits from a non-resident to
a resident are not permitted in Pakistan.
Instead authorised dealers are permitted to
extend PKR overdrafts to foreign nationals
up to the extent of their requirements.
Commercial credits from a resident to a
non-resident are permitted with maturities
ranging up to 180 days to finance exports.