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

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

ISLAMABAD: Pakistan’s trade deficit has widened by 92 per cent during first seven months (July – January) of fiscal year 2021/2022, official statistics revealed on Wednesday.

The trade deficit ballooned to $28.8 billion during the first seven months of the current fiscal year as compared with $15 billion in the corresponding months of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS).

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The exports exhibited a growth of 24 per cent to $17.67 billion during the period under review as compared with $14.25 billion in the same period of the last fiscal year.

Meanwhile, the import bill of the country surged by 59 per cent to $46.47 billion during first seven months of the current fiscal year as compared with $29.25 billion in the corresponding months of the last fiscal year.

READ MORE: Pakistan’s trade deficit widens by 112% to $20.59 billion

The trade deficit widened by 26.49 per cent to $3.36 billion in the month of January 2022 as compared with the deficit of $2.66 billion in the same month of the last year.

The exports increased by 18.69 per cent to $2.55 billion in January 2022 as compared with $2.145 billion in the same month of the last year.

Similarly, the imports grew by 23 per cent to $5.9 billion in the month of January 2022 as compared with $4.8 billion in the same month of the last year.

READ MORE: Pakistan’s import bill surges by 65% in four months

However, imports registered a massive decline of 22 per cent to $5.9 billion in January 2022 as compared with $7.58 billion in the month of December 2021.

Similarly, exports fell by 8 per cent to $2.54 billion in January 2022 as compared with $2.76 billion in the previous month.

The trade deficit recorded a decline of 30 per cent to $3.36 billion in January 2022 as compared with the deficit of $4.81 billion in December 2021.

READ MORE: Pakistan’s trade deficit doubles in first quarter

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