Trade deficit shrinks 28.40 percent in seven months
ISLAMABAD: The country’s trade deficit witnessed significant reduction in last seven months (July-January) of the current financial year and shrunk by 28.40 per cent compared to the corresponding period of the last year.
During the period under review, the country’s exports registered about 2.14 per cent growth, whereas imports reduces by 15.95 per cent, according the foreign trade statistics, released by the Pakistan Bureau of Statistics (PBS).
During the period from July-January (2019-20), exports reached $13.498 billion against the exports of $13.216 billion of the same period of the last year, it added.
Meanwhile, the country’s imports witnessed significant decrease of 15.95 % as these went down from $32.420 billion in first seven months of last financial year to $27.249 billion of same period of the current financial year, it said.
On year-on-year basis, the trade deficit narrowed by 15.03 percent during the month of January 2020 as against the same month of last year. The deficit in January 2020 was recorded at $2.067 billion compared to the deficit of $2.433 billion during January 2019.
During the month of January 2020, the exports decreased by 3.17 percent by falling from $2.035 billion in January 2019 to $1.970 million during the same month of the current fiscal year.
The imports during the month also receded from $4.467 million in January last year to $4.037 million in January 2020, the PBS data revealed.
Meanwhile, on month-on-month basis, the exports decreased by 1.15 percent in January 2020 when compared to the $1.993 million exports in December 2019.
The Imports during the month under review witnessed no change and were recorded at $4.037 billion compared to the imports of same amount in December 2019, the data revealed. – APP