A Big economic success for PTI government in FY 2019-20
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ISLAMABAD - In a Big economic success for PTI government in FY 2019-20, the trade deficit of Pakistan drastically shrink by over $2 billion mail due to reduction in imports.
Pakistan’s trade deficit shrank 36% to $3.9 billion in the first two months of the current fiscal year, reported *The Express Tribune*. Trade figures released by the Pakistan Bureau of Statistics (PBS) showed that exports contracted both on a month-on-month and year-on-year basis in August despite over one-third devaluation of the rupee against the US dollar.
Cumulatively, the exports grew 2.8% or just $102 million to $3.75 billion in the July-August period of the current fiscal year, which suggested a serious review of the monetary policy.
Overall, the trade deficit, which stood at $6.1 billion in the same period of last fiscal year, shrank to $3.9 billion in the first two months of this fiscal year, reported the newspaper.
In absolute terms, there was a decrease of $2.2 billion in the trade deficit and almost the entire reduction came from the import side.
Imports dropped 21.4% to $7.7 billion during the period under review but the improvement was mainly because of reduction in imports of the petroleum group, transport group, textile and food groups.
