Pakistan trade deficit widens further with rise in imports
Pakistan has recorded an increase of 4.29 percent in exports during the first eight months of the current fiscal year (2020-21).
According to the latest statistics by the Pakistan Bureau of Statistics (PBS), the exports increased by 4.29 percent during the first eight months of the current fiscal year as compared to the corresponding period of the previous year.
As per the statistics, the exports of the country during July-February (2020-21) were recorded at $16.304 billion against the exports of $15.633 billion during July-February (2019-20).
The imports during the period under review also increased by 7.49 percent by growing from $31.483 billion last year to $33.840 billion during the first eight months of the current fiscal year.
Based on the figures, the country’s trade deficit increased by 10.64 percent during the first eight months as compared to the corresponding period of last year. The trade deficit during the period was recorded at $17.536 billion against the deficit of $15.850 billion last year.
Meanwhile, on a year-on-year basis, the exports of the country decreased by 4.12 percent during the month of February 2021 as compared to the exports of February 2020. The exports during February 2021 were recorded at $2.049 billion against the exports of $2.137 billion in February 2020, the data revealed.
The imports into the country increased from $4.168 billion in February 2020 to $4.566 billion in February 2021, showing the growth of 9.55 percent.
On a month-on-month basis, the exports from the country decreased by 4.52 percent during February 2021 when compared to the exports of $2.146 billion in January 2021.