‘Escalating import bill to exert pressure on forex reserves’

Business Recorder reported that Atif Ikram Sheikh, president of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has warned that heavier reliance on costly imports could drain the national treasury and push the country toward a serious balance of payments crisis without structural action. Responding to fresh figures from the Pakistan Bureau of Statistics (PBS), he said the rising import bill threatens macroeconomic stability and will put significant strain on foreign exchange reserves.

PBS data showed the trade shortfall expanded 15.13 percent to USD 10.792 billion over July-September 2026, against USD 9.374 billion in the corresponding stretch of the previous fiscal year. The gap kept widening through the quarter's final month, with September's deficit reaching USD 3.55 billion, up 6.15 percent from a year earlier when it stood at USD 3.35 billion.

Sheikh attributed the widening gap to Pakistan's high cost of doing business, pointing to prohibitive interest rates, heavy electricity capacity charges and elevated petroleum levies that weaken local manufacturers against regional rivals. He urged the Finance Ministry and the State Bank of Pakistan to lower its policy rate into single digits, rationalise electricity and gas tariffs, and provide targeted relief on inland logistics to protect FY27 export targets.