ISLAMABAD: The country’s trade deficit fell by 34 percent in the first fourmonths of current fiscal year due to a notable contraction in imports and anominal increase in exports.
The data showed that trade deficit in the first four months dipped to $7.77billion from $11.69 billion over the corresponding period last year,reflecting a decline of $4.19 billion or 33.52 percent.
The Pakistan Bureau of Statistics (PBS) reported that imports dropped19.21% to $15.32 billion in first four months of fiscal year 2019-20compared to $18.96 billion in the same period of previous fiscal year.
Meanwhile, exports crawled up 3.81% to $7.54 billion in the four-monthperiod against expectations of annualised growth of over 8%. Exports stoodat $7.27 billion in the corresponding period of last year, according to thePBS.
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The incumbent government has taken several measures to curtail risingimport bill since coming into power in August 2018.
In the budget 2019-20, the government reduced cost of raw materials andsemi-finished products used in exportable products by exempting them fromall customs duties. Government also promised to provide sales tax refund toexports sectors.
