Pakistan Trade Deficit widens drastically as against government claims of booming economy
KARACHI : The trade deficit of Pakistan has swelled drastically during the first quarter of the FY 2016-17.
As against the government claims of the revival of the economy and huge foreign exchange reserves, the actual picture might look different.
The figures have been released by both Pakistan Bureau of Statistics and the International Monetary Fund.
The trade deficit in the first three months of the current fiscal year widened substantially to $7 billion as against $5.5 billion in the previous fiscal year.
According to the recent data of Pakistan Bureau of Statistics, trade deficit in July-September widened by almost 29 percent.
During the quarter (July – September 2016) exports of the country have fallen by 9 percent to $4.68 billion as compared with $5.14 billion in the corresponding quarter of the last fiscal year. The imports of country, however, increased by 10.7 percent to $11.74 billion from 10.61 billion.
The increase in the imports and reduction in the exports depict the dangerous trend which may lead to even drastic gaps in the trade deficit.