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Agriculture is the mainstay of Pakistan's economy, employing almost 50% of the population. Wheat, rice, cotton, sugarcane, and tobacco are the chief crops, and cattle and sheep are raised. Most of Pakistan's agricultural output comes from the Indus basin. The country is now self-sufficient in food, as vast irrigation schemes have extended farming into arid areas, and fertilizers and new varieties of crops have increased yields.
Pakistan's industrial base is able to supply many of the country's needs in consumer goods, although production has slowed in recent years. The country's natural resources provide materials for such industries as textile production (the biggest earner of foreign exchange), oil refining, metal processing, and cement and fertilizer production. Remittances from Pakistanis working abroad constitute the second largest source of foreign exchange. Since the mid-1950s electric power output has greatly increased, mainly because of the development of hydroelectric power potential and the use of thermal power plants. Pakistan's chief imports are petroleum, machinery, transport equipment, chemicals, and edible fats and oils. The chief trading partners are the European Union nations, the United States, Japan, and China. In the late 1990s, following years of lax fiscal policies, Pakistan appeared on the verge of bankruptcy, with a foreign debt of over $30 billion.
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