Afghan Transit Trade key reason of black economy in Pakistan: Report

Business Sep, 13 2023
Afghan Transit Trade key reason of black economy in Pakistan: Report
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KARACHI: Afghan Transit Trade leaves negative impact over national economy and has been one of basic reasons of black economy prevailing in Pakistan. According to report Afghan authorities misstate about prices of Aghan Transit Trade items, which results in an obvious difference between reported and real values of an item. “These items brought back to Pakistan illegally for sale,” according to report.

According to Bureau of Statistics Afghan traders save three quarters of their trade items from Customs Duty by smuggling. “Thus, Pakistan sustain annual losses to tune of around three billion dollars”. “These traders tamper tracking system installed on container trucks, which affect tracking mechanism”.

These trucks used to sell Afghan trade items on cheaper rates in black market in country, posing threat to local industry. Narcotics and other contraband items also used to smuggle with transit trade. Fake bills of lading also causing complications in keeping tracking record, sources said.

Afghan imports under transit trade have increased by 67 percent and soared to 6.71 billion dollars value in February 2022-23, while imports were four billion dollar in previous year. Import items under ATT included artificial fibre, electricity items, electronics equipment, tyre tubes and tea etc. This increase in imports has decreased country’s actual imports considerably. Manufacturing of products of cloth made with artificial filament, has decreased by 48 percent, electronic equipment and tyre and rubber imports have dropped by 62 and 42 percent respectively.

“Import of tea reduced by 51 percent, machinery 34 percent, vegetables and fruits 46 percent,” according to report. Afghan Transit Trade has badly affected Pakistan’s small and medium scale industries and economy, as per report.

Published in The Daily National Courier, September, 14 2023

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Daily National Courier is a leading morning English newspaper of twelve pages covering all international and national political developments on 24/7 basis.

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