Pakistan’s trade deficit reduces by 34 percent

For the first time in the last 15 years, exports are rising and imports are decreasing simultaneously- Razak Dawood

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  • The current trade deficit has shrunk to 7.77 billion from $11.06 billion compared to the parallel period last year.
  • On monthly premises, the trade deficit fell by 29.43pc to $2.05bn in October from $2.9bn over the relating month a year ago.

34 percent

Pakistan’s trade deficit fell by 34 percent in the initial four months of the current fiscal year 2019-2020. The country was only able to achieve such success due to an increase in exports and a massive deduction in imports of non-essential goods.

The current trade deficit has shrunk to 7.77bn from $11.06bn compared to the parallel period last year.

According to the data by the Pakistan Bureau of Statistics (PBS)  on Thursday because of government’s restorative measures to hinder imports is the reason for the massive decline in the current fiscal year to lessen pressures on external trade.

On monthly premises, the trade deficit fell by 29.43pc to $2.05bn in October from $2.9bn over the relating month a year ago.

Adviser to PM on Commerce

In a tweet, Adviser to PM on Commerce Razak Dawood said, “Trade stats for Jul-Oct 2019 indicate that annual trade deficit may decrease by USD 12 billion to USD 19 Billion (from 31 $ billion) in 2019-20. This, coupled with worker’s remittances, will positively address our Current Account Deficit woes”.

According to the commerce minister, Pakistan is witnessing the increase in exports and decrease in imports after 15 years.

Imports in the first four months decrease to $15.32 billion from 18.96 billion compared to the parallel time last year. As far as exports are concerned they increased to $7.54bn from $7.27bn when compared to the same time last year.

The government has decreased the cost of raw materials and semi-finished products in exportable products in the budget 2019-2020. The government further promised to facilitate export sectors with a refund of sales tax.


Also See:

Pakistan’s Trade Deficit Reduces By 33.5 Percent During July-October Of Current Fiscal Year

What are your thoughts on this? Share with us in the comments bar below.

  • A great, unbelievable achievement by PTI finance team.
    IK has shown us if you have the determination, even in mere one year time you can do the impossible.
    Next target should be inflation, to bring down the price of commodities. Kudos to all dept of govt.

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