Pakistan’s trade deficit reduces by 33.5 percent during July-October of current fiscal year

This October trade deficit is recorded as $1.9 billion as compared to last year’s $2.9 billion.

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  • The trade deficit of the four months of July-October shrank remarkably by 33.5 percent- Ministry of Commerce
  • A decline of 19.3 percent in the imports is ascribed to be the reason for the decrease in the trade deficit.
  • Meanwhile, a small increase of 3.6 percent has been recorded in exports.

October

On Saturday, the Ministry of Commerce revealed a report that shows the stats of trade deficit over the first four months of the fiscal year 2019-2020. According to the report, the trade deficit of the four months of July-October shrank remarkably by 33.5 percent.

During the same period last year July-October of the fiscal year 2018-2019 the trade deficit was recorded as $11.7 billion, whereas this year it is reduced by 33.5 percent, recorded as $7.8 billion.

A decline in imports helped

A decline of 19.3 percent in the imports is ascribed to be the reason for the decrease in the trade deficit. Imports are recorded as $15.3 billion during the first four months of the fiscal year 19-20 as compared to $19 billion during the same period last year.

Well when we talk about October, the deficit fell by 32 percent compared to the parallel time of last year. This October trade deficit is recorded as $1.9 billion as compared to last year’s $2.9 billion.

Increase in exports

Meanwhile, a small increase of 3.6 percent has been recorded in exports. Exports increased from $7.3 billion to $ 7.5 billion in the first four months of this fiscal year.

However, this fiscal year in October exports has been increased by 6 percent. This has raised the exports from $1.9 billion to $2 billion.

Imports fell by 17pc and were recorded at $3.9bn as opposed to $4.8bn from last year.

 


Also See: Pakistan’s Trade Deficit Reduces By 35pc In The First Quarter

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