ISLAMABAD- Pakistan’s trade deficit was recorded at $9.69 billion in five months (July to November) of the current fiscal year due to increase in imports as well as exports of the country.
The trade deficit widened by 0.48 per cent to $9.69 billion in July to November period of the year 2020-21, according to the latest data of Pakistan Bureau of Statistics (PBS). Exports and imports have shown increase in the period under review. Pakistan’s exports have recorded growth of 2.11 per cent and increased to $9.74 billion in July to November period of the current fiscal year as compared to $9.54 billion in corresponding period of the last year. Meanwhile, the imports have also shown increase of 1.29 per cent to $19.42 billion in five months.
The PBS data showed that Pakistan’s exports have gone up by 7.67 per cent in November. The exports were recorded at $2.16 billion in July to November period of the 2020-21 as compared to $2.01 billion in the same period of last year. Similarly, imports recorded growth of 7.77 per cent to $4.23 billion in last month. Therefore, the trade deficit was recorded at $2.068 billion in November 2020 as compared to $1.92 billion in same month of last year, showing an increase of 7.88 per cent.
In a tweet, Prime Minister’s Advisor on Commerce and Investment, Abdul Razak Dawood said that for the first five months of the current fiscal year, exports have increased to $9.732 billion as compared to $9.545 billion over the same period of last year. He further stated that exports in November 2020 posted a growth of 7.2 per cent as compared to the corresponding month of 2019. “We have just received provisional figures for export of goods. I wish to congratulate our exporters that in these very difficult times with resurgence of Covid-19 cases in Pakistan and globally, our exports have increased by 7.2 per cent in November over the same period last year,” he said, in a tweet.
“This has been done due to the hard work of our exporters and they deserve praise for this accomplishment,” Dawood maintained.
According to the PBS, the country’s exports have gone up by 2.71 per cent to $2.16 billion in November 2020 as compared to $2.1 billion in October 2020. Meanwhile, the imports have shown an increase of 8.24 per cent and recorded at $4.23 billion in November 2020 as against $3.91 billion in October 2020. Therefore, the trade deficit also widened by 14.7 per cent and registered at $2.068 billion in November as against $1.92 billion in October this year.