Another big achievement for the PTI government on the economic front worth $5 billion

Another big achievement for the PTI government on the economic front worth $5 billion

ISLAMABAD - Pakistan’s trade deficit has continued to improve in November 2019 as it was recorded at $1.795 billion showing a decline of 35.5% or $988 million as compared to $2.783 billion in one month. The government’s battle against the trade deficit is finally bearing fruit, as the trade deficit contracted fifth month in a row.

It is the lowest trade deficit recorded since February 2016, said Arif Habib Limited in its report.

The country’s exports during November 2019 increased by 9.6% to $2.02 billion as compared to $1.84 billion in 2018. While imports declined by 17.53% to $3.815 billion as compared to $4.62 billion last year.

Adviser to Prime Minister on Commerce, Textile, Industry & Investment Razzak Dawood tweeted:

Overall, Pakistan’s trade deficit contracted by a significant 34.42% in the first five months (July-November) of the financial year 2020, according to Ministry of Commerce. The five-month trade deficit (Exports-Imports gap) was recorded at $9.496 billion as compared to the corresponding period’s deficit of $14.479 billion.

During July-November, Pakistan’s exports were recorded at $9.55 billion, up by 4.8% as compared to $9.113 billion in the corresponding month. There was a massive decrease in imports as they decreased by 19.27% to $19.046 billion. During the same period last year, the imports were recorded at $23.59 billion.

The increasing trend in exports has resulted in improvement in Trade Balance & Current Account Deficit, tweeted the Advisor. He further stated that as a result of the government policies, the increasing exports are contributing to an improvement in the country’s balance of payment position and stabilization of the economy.

It is pertinent to mention that, for the first time, in the last four years, the country’s current account turned into surplus and was recorded at $99 million in October 2019.