ISLAMABAD: The country’s trade deficit has further widened by 4.22 per cent to $15.1 billion during the last eight months.
According to the data released by the Pakistan Bureau of Statistics, the value of imports was more than double the value of exports for the second month in a row. The trade deficit – gap between exports and imports – widened 4.22% to $15.1 billion from July to February.
The trade deficit was $612 million higher than reported in the comparative period of the last fiscal year. It almost nullified the $728 million gains Pakistan made due to increase in workers’ remittances during July-February.
The PBS would release the details of imports and exports for July-February later. However, the seven-month data showed that the country got a bonanza of $2.9 billion due to reduction in global crude oil prices. Despite the huge benefit, the trade deficit ballooned due to massive decline in exports.
From July through February, the exports nosedived to $13.87 billion, which were $2.12 billion or 13.3% less than the receipts in the comparative period of the last fiscal year, reported the PBS. A major reason behind the steep fall in exports was the absence of an enabling business environment, as the government has massively increased the cost of doing business by levying numerous indirect taxes.
