Import bill sharply grows by 70pc in March

Import bill sharply grows by 70pc in March

ISLAMABAD: The import bill has recorded an unprecedented growth of 70 percent in March 2021 as compared with the same month of the last year, according to data released by Pakistan Bureau of Statistics (PBS).

The country spent $5.63 billion on the imports during March 2021 as compared with $3.31 billion in the same month of the last year.

Experts attributed the phenomenal rise in import bill during March 2021 due to significant decline in foreign trade in the same month of the last year because of restrictions imposed after coronavirus spread.

In March 2020 the government put a complete lockdown throughout the country in order to prevent spread of COVID-19.

Similarly in the month of March 2021, the exports recorded a sharp increase of 30.44 percent to $2.36 billion as compared with $1.81 billion in the same month of the last year.

Pakistan’s trade deficit has widened by 20 percent in first nine months (July – March) 2020/2021 owing to surge in import bill after ease in coronavirus related restrictions.

The trade deficit ballooned to $20.83 billion during first nine months of the current fiscal year as compared with $17.35 billion in the corresponding period of the last fiscal year.

The import bill for the period of July – March 2020/2021 increased to $39.51 billion as compared with $34.79 billion in the corresponding period of the last fiscal year, showing a rise of 13.57 percent.

On the other hand exports also increased by 7.12 percent to $18.68 billion during the first nine months of the current fiscal year as compared with $17.44 billion in the corresponding period of the last fiscal year.

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