KARACHI: Pakistan’s trade deficit narrowed sharply by 28.40 percent during first seven months (July – January) 2019/2020 owing to significant decline in import bill.
According to trade data released by Pakistan Bureau of Statistics (PBS), the trade deficit shrank to $13.75 billion during first seven months of the current fiscal year as compared with $19.2 billion in the corresponding months of the last fiscal year.
The reduction in trade deficit mainly attributed to fall in import bill. The import bill fell by 16 percent to $27.25 billion during July – January 2019/2020 as compared with $32.42 billion in the corresponding period of the last fiscal year.
The exports of the country posted 2.14 percent growth to $13.5 billion during first seven months of current fiscal year as compared with $13.22 billion in the same period of the last fiscal year.
The exports have come down by 3.17 percent when compared with $1.97 billion in January 2020 when compared with $2.04 billion in the same month of the last year.
In the month of January 2020 the imports also came down by 9.63 percent to $4.04 billion as compared with $4.46 billion in the same month of the last year.
However, the growth in imports was flat at $4.04 billion in January 2020 as the imports were at the same level in December 2019.
The exports also fell 1.15 percent to $1.94 billion in January 2020 when compared with $1.99 billion in the month of December 2019.