The Ministry of Industry and Commerce of Afghanistan has announced that the country has conducted $10 billion in trade over the past year.
In a statement released on Wednesday, July 31st, the ministry highlighted the achievements of the past year, detailing that this total includes $1.8 billion in exports and over $8 billion in imports.
However, this imbalance is a concerning indicator of the country’s economic health. The disproportionate ratio of imports to exports suggests a troubling dependency on foreign goods and services, which may undermine local industries and contribute to a persistent trade deficit.
The statement also noted significant increases in exports to various countries, with Kazakhstan up by 2.5%, China by 16%, Iran by 19%, Turkey by 53%, and Russia by 54%. Additionally, the ministry reported that 100 new production factories have started operations, approximately 1,000 industrial companies have been issued licenses, and over 23,000 investment licenses have been renewed.
Furthermore, the Ministry of Industry and Commerce stated that over the past year, direct employment opportunities have been created for 646,015 individuals, while indirect opportunities have reached around 4.4 million. The ministry attributed these job opportunities to the empowerment of small and medium enterprises and various agreements.
Previously, the National Statistics and Information Authority had reported that Afghanistan’s export and import value for the fiscal year 1402 reached $10.3 billion.
Meanwhile, there is a significant imbalance between exports and imports. This discrepancy not only raises questions about the sustainability of economic growth but also signals potential vulnerabilities in Afghanistan’s trade strategy and economic stability. Addressing these disparities will be crucial for achieving a more balanced and resilient economy.
The post Afghanistan’s trade imbalance: $1.8 billion in exports, $8 billion in imports appeared first on Khaama Press.
