*ISLAMABAD: **PTI government manages to save precious $6 billion for country in FY 2019 on account of trade deficit .*
The Pakistan Tehreek-e-Insaf (PTI) government has managed to narrow down the trade deficit by 15.3% to $31.8 billion on the back of import compression but it failed to enhance exports, which fell even below the level left behind by its arch-rival – the Pakistan Muslim League-Nawaz (PML-N).
Trade figures released by the Pakistan Bureau of Statistics (PBS) on Friday showed that exports contracted both on month-on-month and year-on-year basis in June despite over one-third depreciation of the rupee against the US dollar. The PTI government missed its export target by $4 billion as total exports stood below $23 billion at the end of fiscal year 2018-19.
It also missed the trade deficit reduction target by $5.8 billion, although the gap between exports and imports shrank 15.3%.
Overall, the trade deficit , which stood at $37.6 billion in the preceding fiscal year, shrank to $31.8 billion in the just ended fiscal year 2018-19, the PBS reported. In absolute terms, there was a reduction of $5.8 billion in the trade deficit and the entire reduction came from the import side.