Commerce Committee Probes $11 Billion Import Data Gap, Assures No Impact on Balance of Payments

A major discrepancy has emerged in Pakistan’s import data, with a difference of $11 billion over the past two years and $30 billion over five years, according to a briefing given to the National Assembly’s Standing Committee on Commerce. During the committee meeting, the Pakistan Bureau of Statistics (PBS) attributed the issue to two sub-agencies of the Federal Board of Revenue (FBR). Chief Statistician Dr. Naeem Uz Zafar explained that PBS’s data source, PRAL (Pakistan Revenue Automation Limited), has access to only limited data. He noted that discrepancies were found between import figures reported by PRAL and those from the Pakistan Single Window system. Dr. Naeem said the inconsistency arose due to differences in data from the two FBR agencies. However, the Ministry of Commerce assured the committee that the discrepancy has not affected the country’s balance of payments position. “The issue is not as serious as it is being portrayed in the media,” ministry officials said, adding that the $11 billion gap has not undermined external account stability. Officials clarified that this is not a financial problem but rather a statistical one, which can be resolved with accurate data reconciliation. The committee directed the PBS to work with all stakeholders to correct the data. The briefing further revealed that all comprehensive import data is now being collected through the Pakistan Single Window system. The issue was also discussed during recent economic review talks with the International Monetary Fund (IMF). The Ministry of Commerce said data collection is being carried out by PBS, PRAL, and Pakistan Single Window, while the State Bank of Pakistan maintains trade data through banking channels. Additionally, brokerage firm Chase Securities pointed out a $1 billion difference between the State Bank and PBS data, noting that this is the largest gap between the two agencies’ figures since December 2021.