ISLAMABAD – Pakistan’s trade deficit has continued to improve in November2019 as it was recorded at $1.795 billion showing a decline of 35.5% or $988million as compared to $2.783 billion in one month. The government’s battleagainst the trade deficit is finally bearing fruit, as the trade deficitcontracted fifth month in a row.
It is the lowest trade deficit recorded since February 2016, said ArifHabib Limited in its report.
The country’s exports during November 2019 increased by 9.6% to $2.02billion as compared to $1.84 billion in 2018. While imports declined by17.53% to $3.815 billion as compared to $4.62 billion last year.
Adviser to Prime Minister on Commerce, Textile, Industry & InvestmentRazzak Dawood tweeted:
Overall, Pakistan’s trade deficit contracted by a significant 34.42% in thefirst five months (July-November) of the financial year 2020, according toMinistry of Commerce. The five-month trade deficit (Exports-Imports gap)was recorded at $9.496 billion as compared to the corresponding period’sdeficit of $14.479 billion.
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During July-November, Pakistan’s exports were recorded at $9.55 billion, upby 4.8% as compared to $9.113 billion in the corresponding month. There wasa massive decrease in imports as they decreased by 19.27% to $19.046billion. During the same period last year, the imports were recorded at$23.59 billion.
The increasing trend in exports has resulted in improvement in TradeBalance & Current Account Deficit, tweeted the Advisor. He further statedthat as a result of the government policies, the increasing exports arecontributing to an improvement in the country’s balance of payment positionand stabilization of the economy.
It is pertinent to mention that, for the first time, in the last fouryears, the country’s current account turned into surplus and was recordedat $99 million in October 2019.
