Failure to pay shipping freight rates threatens Pakistan's foreign trade

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- Possibility of foreign shipping companies breaking up with Pakistan

MUMBAI: Ship agents have warned the Pakistan government that all export cargoes will be suspended as shipping line companies are considering stopping service to Pakistan after Pakistani banks stopped remittance of freight rates to foreign shipping lines services due to lack of dollar availability.

All international transport services from Pakistan except bordering countries are mostly by sea and any disruption could be a serious matter for Pakistan's international trade, the Pakistan Ship's Agents Association told the government on behalf of the press reports.

The association has warned that if international trade is disrupted, the economic situation will further deteriorate.

Due to the decline in cargo volumes, even foreign shipping lines are considering stopping their services to Pakistan.

Pakistan's foreign exchange reserves fell to $4.60 billion in recent weeks. Keeping in view the low level of forex reserves, the State Bank of Pakistan is very careful in making payments to foreign companies.

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