ISLAMABAD: Despite falling crude oil prices in the international market, the country’s import bill is on the constant rise, widening the trade imbalance-gap between exports and imports to 33.97 percent at $12.3 billion during the first half (July-December) of the current fiscal year.
The data of Pakistan Bureau of Statistics (PBS) showed that exports had decline against imports, resulting in massive increase in trade deficit. The trade deficit was recorded at $12.3 billion during first half of the fiscal year 2014-15 against $9.054 billion of the same period last year, showing increase of 33.97 percent.
The PBS said that Pakistan’s imports bill had swelled despite oil prices had significantly declined in the international market. Pakistan imported goods worth of $24.203 billion during July-December FY2015 against $21.671 billion of the same period last year showing growth of 11.68 percent.
However, exports went down by 4.31 per cent to $12.073 billion in July-December of FY 2015 from $12.617 billion of the corresponding period previous year. Therefore, the country’s trade imbalance remained $12.3 billion during July-December FY2015 as against $9.054 billion of the corresponding period previous year.
According to the PBS data, exports registered an increase of 9.66 percent, as country exported goods worth $2.156 billion in December 2014 as against $1.966 billion of its previous month of November 2014. Meanwhile, the imports recorded increase of 6.31 per cent, as imports stood at $3.859 billion in December 2014 as compared to $3.63 billion of the November 2014. Therefore, the trade deficit has shown decline of 2.34 per cent, as it was recorded at $1.73 billion in December 2014 as against $1.664 billion of November 2014.
