ISLAMABAD: The country’s trade deficit has further widened to 35 per cent till July 2015 as exports contracted almost 17 per cent in the first month as compared to nominal growth in imports.
According to the figures released by the Pakistan Bureau of Statistics (PBS), receipts from exports slipped below $1.6 billion in July – as much as 19.6% or $325 million less than the receipts in the comparative period of last year.
As against contraction in exports, imports saw a growth of over 4% as payments against goods increased to $3.4 billion – $131 million more than the payments made in July last year.
Resultantly, the trade deficit in the first month of the new fiscal year 2015-16 widened 34.6% to $1.8 billion. The deficit was $456 million more than posted in the first month of the previous fiscal. The negative growth in exports highlights difficulties that the country may have to face in balancing external accounts.
On monthly basis, the trade deficit in July contracted one-fourth over June due to a contraction in both imports and exports. The exports fell 20.7% in July over the last month, while imports contracted 23.3%, the PBS data showed.
