Pakistan’s trade deficit balloons $43.33 bn in 11 months

Pakistan’s trade deficit balloons $43.33 bn in 11 months

ISLAMABAD: Pakistan’s trade deficit ballooned to $43.33 billion during first 11 months (July – May) of fiscal year 2021/2022 owing to massive rise in import bill during the same period.

According to trade data released by Pakistan Bureau of Statistics (PBS) on Thursday, the trade deficit widened by 58 per cent to $43.334 billion during first eleven months of the current fiscal year as compared with $27.45 billion in the corresponding months of the last fiscal year.

READ MORE: Pakistan’s imports hit record high at $65.47 bn in 10 months

Pakistan’s import bill massively increased to $72.18 billion during the period under review as compared with $50.03 billion in the same period of the last fiscal year, showing an increase of 44.28 per cent.

On the other hand, exports have increased by 28 per cent to $28.85 billion during July – May 2021/2022 as compared with $22.57 billion in the corresponding period of the last fiscal year.

READ MORE: Pakistan’s March trade deficit widens by only 5.5%

The exports registered 55.66 per cent growth to $2.60 billion in the month of May 2022 as compared with $1.67 billion in the same month of the last year.

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Meanwhile, import bill for the month of May 2022 increased by 25.43 per cent to $6.44 billion as compared with $5.297 billion in the same month of the last year.

This resulted in widening of trade deficit by 11.50 per cent to $4.043 billion in the month of May 2022 as compared with the deficit of $3.62 billion in the same month of the last year.

READ MORE: Pakistan’s trade deficit widens by 92% in seven months

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