ISLAMABAD: The country’s trade deficit widened by 29.21 percent during first quarter (July-September) of the ongoing financial year due to the non-stop decrease in exports and increase in imports.
The trade imbalance was recorded at $7.1 billion during July-September period of FY2016-17 as against $5.5 billion of the corresponding period of the last year, according to the data of Pakistan Bureau of Statistics (PBS).
Receipts from exports slipped to $4.7 billion in July-September period, which are 8.9 percent less than the receipts of $5.1 billion in the comparative period of the last fiscal year, according to figures released by the PBS.
In contrast to contraction in exports, imports saw a growth of 10.7 percent as payments against goods increased to $11.5 billion – $1.14 billion more than the payments made in July-September period of last year.
The exports had remained at $20.8 billion during previous financial year 2015-16, which were lowest level in last several years. The exports have been declining since the current government took over, falling from $24.5 billion in 2012-13.
The government has projected the exports to grow to $24.75 billion and has estimated that the imports will surge to $45.2 billion by the end of this fiscal year 2016-17. Exports reduced by 10.6 percent to $1.54b in September 2016 from $1.73b in the same month of the last year.
Meanwhile, the imports went up by 11.47 percent to $3.9b in September 2016 from $3.5 billion in June this year. Therefore, trade deficit was registered at $2.32 billion during September 2016 as against $1.73 billion in the corresponding month of the last year, showing an increase of 33.43percent.
