The economic crisis has deteriorated, and a large amount of goods stay in the country of the country
- Author:sofreight.com
- Release Date:2023-02-02
It is reported that Pakistan's economic crisis is deteriorating due to insufficient foreign exchange reserves.Due to the restriction of banks to issue a letter of credit for the importers, buyers cannot get the US dollar to pay the payment, and a large number of containers filled with imported goods are accumulated in the country's port.
In a challenging market environment, container transport companies providing services for Pakistan's ports are working hard to deal with serious foreign exchange crisis.
Local industry sources said that importers could not obtain delivery orders and clearance of customs clearance, which caused serious bottlenecks in the country's port city of Carach (including nearby Cassimm).
A Karachi ship agent said: "Thousands of containers are trapped in the dock, and the backlog is like a mountain, causing the supply chain deadlock."
The Pakistan Shipbuilding Association (PSAA) was worried about the rapidly upgraded situation, and issued a notice to the national banks and government leaders of the country, warning that if the action is not immediately used to relieve the crisis, the shipping company represented by them will consider suspending the country to the country to the country toOverseas services.The association pointed out: "If the international trade is suspended, the country's economic situation will deteriorate."
Some airlines and foreign companies also stated that controlling measures implemented to protect the increasing foreign exchange reserves have hindered them to return to the US dollar.Relevant persons in charge said that textile manufacturers and other factories are closing or shortening business hours to save energy and resources.The power outage that lasted more than 12 hours last week was even more demanding.
According to reports, the Minister of Planning Pakistan said the country has significantly reduced imports to try to save foreign exchange.This includes restricting banks to issue credit for importers, which allows a steel industry institution to stop production.The country's central bank said that it would relax import restrictions to promote the supply of essentials such as food and fuel.
In addition, with the increasing pressure of the industry, the Pakistani government has promised to provide temporary relief for the importers of container goods that come to extract backlogs.
A spokesman for the Ministry of Maritime Department of the country recently announced that the government has decided to exempt the stagnation fee and port costs of containers who stayed in the port, which will be borne by the Ministry of Finance.
Due to the shortage of US dollars, the credit of these containers cannot be settled.Khurram IJAZ, vice chairman of the Pakistanian Federation of Industry, Commercial and Commerce, said: "It is estimated that about 20,000 containers stay at the port."
People in the industry said that this crisis may push many trading companies to bankruptcy.The Trade Association welcomed the proposal of this exemption, but stated that the goods interest party needs a formal official notice of port to start cleaning up the backlog of goods.
Pakistan has experienced a serious economic crisis in recent years, but is now at a critical moment.According to local media reports, the country's central bank's foreign exchange reserves have fallen to US $ 3.678 billion, the lowest level in eight years, barely enough to pay about one month of imports.Factors such as political turmoil, natural disasters, inflation, and high energy prices have jointly affected the country's economy, and the continuous outflow of foreign debt payment has exhausted the country's foreign exchange reserves.
In a challenging market environment, container transport companies providing services for Pakistan's ports are working hard to deal with serious foreign exchange crisis.
Local industry sources said that importers could not obtain delivery orders and clearance of customs clearance, which caused serious bottlenecks in the country's port city of Carach (including nearby Cassimm).
A Karachi ship agent said: "Thousands of containers are trapped in the dock, and the backlog is like a mountain, causing the supply chain deadlock."
The Pakistan Shipbuilding Association (PSAA) was worried about the rapidly upgraded situation, and issued a notice to the national banks and government leaders of the country, warning that if the action is not immediately used to relieve the crisis, the shipping company represented by them will consider suspending the country to the country to the country toOverseas services.The association pointed out: "If the international trade is suspended, the country's economic situation will deteriorate."
Some airlines and foreign companies also stated that controlling measures implemented to protect the increasing foreign exchange reserves have hindered them to return to the US dollar.Relevant persons in charge said that textile manufacturers and other factories are closing or shortening business hours to save energy and resources.The power outage that lasted more than 12 hours last week was even more demanding.
According to reports, the Minister of Planning Pakistan said the country has significantly reduced imports to try to save foreign exchange.This includes restricting banks to issue credit for importers, which allows a steel industry institution to stop production.The country's central bank said that it would relax import restrictions to promote the supply of essentials such as food and fuel.
In addition, with the increasing pressure of the industry, the Pakistani government has promised to provide temporary relief for the importers of container goods that come to extract backlogs.
A spokesman for the Ministry of Maritime Department of the country recently announced that the government has decided to exempt the stagnation fee and port costs of containers who stayed in the port, which will be borne by the Ministry of Finance.
Due to the shortage of US dollars, the credit of these containers cannot be settled.Khurram IJAZ, vice chairman of the Pakistanian Federation of Industry, Commercial and Commerce, said: "It is estimated that about 20,000 containers stay at the port."
People in the industry said that this crisis may push many trading companies to bankruptcy.The Trade Association welcomed the proposal of this exemption, but stated that the goods interest party needs a formal official notice of port to start cleaning up the backlog of goods.
Pakistan has experienced a serious economic crisis in recent years, but is now at a critical moment.According to local media reports, the country's central bank's foreign exchange reserves have fallen to US $ 3.678 billion, the lowest level in eight years, barely enough to pay about one month of imports.Factors such as political turmoil, natural disasters, inflation, and high energy prices have jointly affected the country's economy, and the continuous outflow of foreign debt payment has exhausted the country's foreign exchange reserves.