Country's trade deficit have to cross 20 billion dollar mark first time in the history of Pakistan by the end of fiscal year 2009 mainly due to the rising imports, besides the slow growth in exports.
The final figures of import, export and trade deficit are expected to be release in the second week of July 2008.
Although, the central bank has taken some bold steps to bring down the increasing imports, however analysts believed that these steps has been announced very late, when the imports and trade deficit have already breached all previous level.
The State Bank of Pakistan has imposed 35 per cent Letter of Credit (L/C) margin on all imports except of oil and some selected food imports effected from May 23, aimed to bring down the imports and increasing trade deficit.
Earlier, there was not a single per cent margin on the LC opening and importers were importing goods over the requirement putting extra burden on the national exchequer.
Analysts said that during the fiscal year 2008 no positive impact of this step would be witnessed, as importers already has placed huge import orders. However they believed that in fiscal year 2009 imports definitely would decline due to the 35 per cent L/C margin.
The previous government has set an import target of around 32.3 billion-dollar for the fiscal year 2008, however current year the soaring oil prices in the world market and unexpected import of wheat and other commodities for local consumption has badly hurt the target.
Country's overall imports during first eleven months (July-May) of fiscal year 2008 have already above the fiscal target.
During the July-May of 2008 country's imports stood at 35.94 billion dollar, some 28 per cent higher than the last fiscal year 2007 as compared to 24.9 billion dollar in fiscal year 2007.
The imports during the first eleven months are some 3.64 billion-dollar higher then the target.
Therefore, ahead of current statistics economists are predicting that during the fiscal year 2008 overall trade deficit would be crossed all previous level to new peak of some 20 billion dollar with some 37.5-38.5 billion dollar imports and around 18-18.5 billion dollar exports.
The expected 20 billion-dollar deficit would be some 49 per cent higher than the last fiscal year trade deficit, which was stood at 13.43 billion dollar in 2006-07.
While, the government's targeted trade deficit for the current fiscal was 13.1 billion dollar with 19.2 billion-dollar exports and some 32.3 billion dollars exports in fiscal year 2008.
The high Imports of oil, wheat, cotton, palm oil, telecom, machinery, agriculture and other chemicals are major contributor in the rising trade deficit, besides the lower the target growth in exports.
In may be mentioned here that central bank already has tightened the limits on advance payments and now advance import payments will only be allowed against letter of credits and that too only to the extent of 50 per cent, besides advance payments against contracts are now not allowed aimed to curb the imports.
On the other hand increasing oil import of the back of increasing crud oil prices in the world market has played chief role in the increasing trade deficit.
The soaring crud oil prices on the international front has pushed the country's oil import bill at historical level of ten billion dollar during the July-May of the current fiscal year.
The crud oil prices continuously on rise in the world market and during last week it has hit record highs of some 140-dollar per barrel in the face of increasing oil demand across the world and low supply, analyst said.
The country's local oil production only fulfils 15-20 per cent, therefore the country is relaying on the imported oil, they added.
Recently the government has approached Saudi Arab for the supply of oil on subsidies rates and according to unofficial sources neighbour country is agreed to fulfil Pakistan's request, therefore it is expected that supply of oil on subsidies rate would help to reduce the rising oil import bill, they said.
 
As per official statistics, the petroleum group import bill has gone up by 52.21 per cent during July-May of the current fiscal year 2008 as compared to same period of last fiscal year 2009.
The overall petroleum import bill has hit new peak of 10.094 billion dollar during July-May of the current fiscal year 2008 as compared to oil import bill of 6.631 billion during the same period of the last fiscal year 2007, depicting an increase of 3.463 billion dollar during the period.
First time in the history of Pakistan oil import bill has touched ten billion-dollar mark due to the rising oil prices in the world market and it is likely that by the end of current fiscal year 2008 it would be around 11.50 billion dollar.
The oil import during the first eleven months is also overall import of last fiscal year, as during the last fiscal year 2007 overall imports was at peak level of 7.339 billion dollar.
Oil import bill -month on month has increased by 94 per cent to 1.423 billion dollars during May 2008 over the import of some 735 million-dollar during May 2007.
In addition import during May 2008 as compared to April 2008 also depicting an increased of 14 per cent, as during April 2008 oil imports stood at 1.253 billion dollar
The import of petroleum products has mounted by 60 per cent to 5.486 billion dollar during the July-May of fiscal year 2008 as against the imports of some 3.43 billion dollar over the same period of last fiscal year.
While, the import of crude oil has surged by some 44 per cent to 4.60 billion dollar during the July-May of 2008 over the 3.201 billion dollar in corresponding period of fiscal year 2007.