Trade deficit rises to $3.44 billion in March and $35.39 billion in 9 months

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ISLAMABAD: The country witnessed a trade deficit of $3.44 billion in March 2022 as compared to a deficit of $3.1 billion in the previous month, showing an increase of 11.6 percent on a month-on-month basis.
According to the data issued by Pakistan Bureau of Statistics (PBS), on a year-on-year basis, the deficit soared by 5.5 percent as compared to $3.26 billion recorded in March 2021. The PBS data showed that exports decreased by 3 percent to $2.74 billion compared to $2.82 billion in February 2022. On a yearly basis, the exports exhibited a growth of 16 percent from $2.36 billion in March 2021.
On the other hand, imports in March 2022 swelled by 4.7 percent, clocking in at $6.2 billion compared to $5.9 billion in the previous month. While compared to the corresponding month previous year, the imports showed an increase of 9.8 percent from $5.6 billion reported in March 2021.
Overall, during July-March period of the current fiscal year, Pakistan’s trade deficit was $35.39 billion as compared to a deficit of $20.8 billion in the corresponding period of FY 2020-21, showing an increase of 70 percent on a year-on-year basis.
Exports during the nine months increased by 24.7 percent to stand at $23.3 billion, while imports during the period showed a growth of 48.6 percent, up from $39.5 billion in 9MFY21 to $58.7bn.
Earlier last week, former Advisor to PM on Commerce Abdul Razzak Dawood announced that the growth in the exports of the country in the first eight months was $4.644 billion in absolute terms. During March 2022, Pakistan’s exports grew by 17.3 percent to $2.773 billion as compared to $2.365 billion in March 2021.
Razzak commenting on the performance of the export sector of the country said, “Our exports are in line with our targets. We expect to achieve our yearly target.” He commended the country’s exporters for maintaining the momentum under these testing times prevailing in the global market. – TLTP