Gold imports fall by 12.01% in FY2020 july 29, 2020

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Gold imports fall by 12.01% in FY2020 july 29, 2020

ISLAMABAD-The gold imports into the country decreased by 12.01 percent during the fiscal year 2019-20 as compared to the imports of the last year.

Pakistan imported gold worth $11.627 million during July-June (2019-20) compared to the imports of $13.214 million during July-June (2018-19), showing decline of 12.0 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, the country imported 275 kilograms of gold during the period under review compared to imports of 335 kilograms during last year, showing decrease of 17.91 percent.

Meanwhile, on year-on-year basis, the gold imports into the country during June 2020 witnessed 100 percent decline as no gold was imported during the month as compared to the imports of $1.326 million last year.

It is pertinent to mention that the country’s merchandize trade deficit witnessed significant reduction during the fiscal year 2019-20 and declined by 27.11% as compared to the previous year.

The Country’s deficit during July-June (2019-20) stood at $23.183 billion against the deficit of $31.805 billion during July-June (2018-19).

During the period under review country’s exports registered about 6.84% decrease, by going down from $22.958 billion last year to $21.387 billion during the current year whereas the imports declined from $54.763 billion to $44.570 billion, showing sharp decline of 18.61%.