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Tag: trade deficit

  • Import bill falls by over 10 percent in October; export witnesses 2.1 percent growth

    Import bill falls by over 10 percent in October; export witnesses 2.1 percent growth

    ISLAMABAD: The country’s import bill has witnessed decline by 10.3 percent to $4.07 billion in October 2020 as compared with $3.65 billion in the same month of the last year.

    Meanwhile, the exports have witnessed an increase of 2.1 percent to $2.06 billion in October 2020 as compared with $2.02 billion in October 2019.

    To review the current export trends, a meeting was held on Tuesday, in the Ministry of Commerce, under the Chairmanship of the Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood.

    The trade deficit shrank by 22.6 percent in October 2020 to $1.587 billion, showing an improvement of $463 million over October 2019.

    The advisor was also briefed that during July-October 2020 the exports decreased only marginally by 0.1 percent. The exports during this period stood at $7.54 billion as compared to $7.547 billion during the same period last year.

    He was informed that, during July-October 2020, the balance of trade has witnessed a decline of 4.5 percent to $7.424 billion as compared to $7.776 billion last year.

    The Advisor expressed his satisfaction at the export trends and praised Pakistan’s exporters who made it possible for bringing the exports to pre-COVID-19 levels despite uncertainty and contraction in Pakistan’s major markets.

    He was also briefed on the major export product trends and was informed that during July-October 2020, the export increases were mostly in the value added sectors.

    The increases were witnessed in Home Textiles (10.0 percent), Women’s Garments (20.8 percent), Jerseys & pullovers (35.3 percent), Made-up articles of textile (10.4 percent), Stockings & socks (19.2 percent), Cement (10.8 percent), Pharmaceutical products (26.8 percent), Tarpaulins (66.8 percent), and Made-up clothing accessories (245.2 percent) as compared to the same period last year.

    He was informed that, as compared to the same period last year, the export decreases during July-October 2020 were seen in mostly the non-value added sectors such as Cotton Fabric (-8.0 percent), Cotton yarn (-40.1 percent), Worn clothing (-63.6 percent), Raw Leather (-38.4 percent), Crude Petroleum (-53.7 percent), and Cotton (-95.7 percent). The Advisor was also briefed on the geographical spread and growth of exports.

    He was informed that, as compared to the same period last year, Pakistan’s top five growing markets during July-October 2020 are Indonesia (39.3 percent), Qatar (34.5 percent), Denmark (24.9 percent), S. Korea (22.5 percent) and Afghanistan (15.6 percent).

    The Advisor expressed his hope that Pakistan economy will continue on its upward recovery trend and he directed that the officials of Ministry continue to proactively facilitate exporters and businessmen.

    He further directed that no efforts should be spared to counter the effect of the second wave of COVID-19 in Pakistan’s major markets.

  • Trade deficit increases by 2 percent in first quarter

    Trade deficit increases by 2 percent in first quarter

    Pakistan’s trade deficit has expanded by 2 percent in the first quarter (July – September) of the fiscal year 2020/2021, primarily driven by a notable increase in the import bill.

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  • Trade deficit narrows by 8.32 percent in July – August

    Trade deficit narrows by 8.32 percent in July – August

    ISLAMABAD: The trade deficit of the country has narrowed by 8.32 percent in the first two months of the current fiscal year owing to decline in import bill during the period under review.

    According to the data released by Pakistan Bureau of Statistics (PBS) on Friday, the trade deficit narrowed to $3.38 billion during July – August of 2020 as compared with $3.69 billion in the same period of the last year.

    The import bill of the country has declined by 6.28 percent to $6.96 billion during the first two months of the current fiscal year as compared with $7.43 billion in the same months of the last fiscal year.

    However, exports have also declined by 4.27 percent to $3.58 billion during the period under review as compared with $3.74 billion in July – August of 2019.

    The torrential rains and urban flooding during the last few days of August 2020 has adversely affected the supply chain, which affected the exports of the country.

    Due to this reason the exports fell by 21 percent to $1.58 billion in August 2020 when compared with $2 billion in previous month.

    In the month under review the imports have also fell by 11 percent to $3.28 billion as against $3.68 billion in July 2020.

    Meanwhile, the exports fell by 15 percent to $1.58 billion in August 2020 when compared with $1.85 billion in August 2019. On the other hand the imports fell by 12 percent to $3.28 billion as compared with $3.72 billion in August 2019.

  • Exports surge by 25 percent: PBS

    Exports surge by 25 percent: PBS

    ISLAMABAD: The exports of the country increased by 25 percent in July 2020 as compared with the previous month owing to enhance in economic activities after ease in lockdown, according to data released by Pakistan Bureau of Statistics (PBS) on Wednesday.

    The country’s exports were at $2 billion in July 2020 as compared with $1.59 billion in June 2020.

    The rise in exports may be attributed to ease in lockdown and resumption of economic activities during July 2020. The lockdown was imposed since March 2020 to prevent the spread of coronavirus.

    The import bill during July 2020 fell by 2 percent to $3.64 billion as compared with $3.72 billion in June 2020.

    The trade deficit shrank by 22.64 percent to $1.64 billion in July 2020 as compared with deficit of $2.12 billion in June 2020.

    The exports in July 2020 registered an increase of 6.04 percent when compared with $1.88 billion in July 2019.

    The import bill in July 2020 fell by 2 percent when compared with $3.7 billion in July 2019.

    The trade deficit reduced by 10.24 percent in July 2020 when compared with deficit of $1.82 billion in July 2019.

  • Trade deficit narrows by 27pc in 2019/2020

    Trade deficit narrows by 27pc in 2019/2020

    ISLAMABAD: Pakistan’s trade deficit narrowed by 27 percent to $23.18 billion in fiscal year 2019/2020 as against the deficit of $31.8 billion in the preceding fiscal year, Pakistan Bureau of Statistics (PBS) said on Friday.

    The import bill of the country significantly declined by 18.61 percent to $44.57 billion during July – June 2019/2020 as compared with $54.76 billion in the same period of the preceding year.

    The exports also fell by 6.84 percent to $21.38 billion in the fiscal year 2019/2020 as compared with $22.95 billion in the preceding fiscal year.

    The fall in import bill and export receipts may be attributed to COVID-19 which adversely affected the international trade and lower forecast the global economic growth.

  • Exports fall by 54 percent in April amid COVID-19 pandemic

    Exports fall by 54 percent in April amid COVID-19 pandemic

    ISLAMABAD: Pakistan’s exports have declined by 54 percent in April 2020 owing to ongoing lockdown and cancellation of foreign orders.

    According to trade data released by Pakistan Bureau of Statistics (PBS) the exports were at $957 million in April 2020 as compared with $2.09 billion in the same month of the last year.

    The massive decline in exports can be attributed to cancellation of foreign orders due to outbreak of coronavirus. Besides, the manufacturing activities were remained halted due to lockdown to prevent the COVID-19 pandemic.

    The existing situation also reduced the import bill in the month under review. The imports fell by 34.5 percent to $3.09 billion in April 2020 as compared with $4.714 billion in April 2019.

    The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

    On the other hand the import bill fell by 16.5 billion to $39.9 billion in the first ten months of current fiscal year as compared with $45.4 billion in the corresponding period of the last fiscal year.

    The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

  • Import bill falls by 21 percent in March

    Import bill falls by 21 percent in March

    KARACHI: The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.

    The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.

    The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.

    However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.

    The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.

    Industry experts said that the import and exports would face further adverse effect during remaining months of current fiscal year due to ongoing lockdown to contain coronavirus spread.

  • Trade deficit narrows by 26.52% in July – February

    Trade deficit narrows by 26.52% in July – February

    ISLAMABAD: The trade deficit has narrowed by 26.52 percent in first eight months (July – February) 2019/2020 owing to fall in import bill.

    The trade deficit reduced to $15.773 billion during first eight months of current fiscal year as compared with the deficit of $21.467 billion in the corresponding months of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on Wednesday.

    The import bill significantly reduced by 14.06 percent during the period. The import bill of the country was at $31.42 billion during July – February 2019/2020 as compared with $36.563 billion in the corresponding period of the last fiscal year.

    The exports of the country also increased by 3.65 percent during the period under review. The exports grew to $15.648 billion during first eight months of current fiscal year as compared with $15.097 billion in the same period of the last fiscal year.

    The exports however increased by 13.82 percent to $2.14 billion in February 2020 as compared with $1.88 billion in the same month of the last year.

    The imports in February 2020 fell by 1.71 percent to $4.073 billion as compared with $4.144 billion in the same month of the last year.

    The trade deficit for the month of February 2020 was at reduced by 14.61 percent to $1.93 billion as compared with the deficit of $2.263 billion in the same month of the last year.

  • Trade deficit narrows by 28.4% in July – January

    Trade deficit narrows by 28.4% in July – January

    KARACHI: Pakistan’s trade deficit narrowed sharply by 28.40 percent during first seven months (July – January) 2019/2020 owing to significant decline in import bill.

    According to trade data released by Pakistan Bureau of Statistics (PBS), the trade deficit shrank to $13.75 billion during first seven months of the current fiscal year as compared with $19.2 billion in the corresponding months of the last fiscal year.

    The reduction in trade deficit mainly attributed to fall in import bill. The import bill fell by 16 percent to $27.25 billion during July – January 2019/2020 as compared with $32.42 billion in the corresponding period of the last fiscal year.

    The exports of the country posted 2.14 percent growth to $13.5 billion during first seven months of current fiscal year as compared with $13.22 billion in the same period of the last fiscal year.

    The exports have come down by 3.17 percent when compared with $1.97 billion in January 2020 when compared with $2.04 billion in the same month of the last year.

    In the month of January 2020 the imports also came down by 9.63 percent to $4.04 billion as compared with $4.46 billion in the same month of the last year.

    However, the growth in imports was flat at $4.04 billion in January 2020 as the imports were at the same level in December 2019.

    The exports also fell 1.15 percent to $1.94 billion in January 2020 when compared with $1.99 billion in the month of December 2019.

  • Import bill plunges by 17.06% in first half

    Import bill plunges by 17.06% in first half

    KARACHI: Pakistan’s import bill fell by 17.06 percent during first six months (July – December) 2019/2010 owing to deceleration in international commodity prices and lower domestic demand.

    According to data released by the ministry of commerce, the import bill reduced to $23.18 billion during first half of current fiscal year as compared with $27.94 billion in the corresponding half of the last fiscal year.

    The exports exhibited 3.21 percent growth during the period under review owing to better earning of local manufacturers in the international markets.

    The total exports were at $11.54 billion during July – December 2019/2020 as compared with $11.18 billion in the corresponding period of the last fiscal year.

    The lower import bill brought down the trade deficit by 30.58 percent for the period under review.

    The trade deficit declined to $11.64 billion during July-December 2019/2020 as compared with the deficit of $16.77 billion in the corresponding period of the last fiscal year.

    According to trade data for the period July – December 2019/2020 revealed that the import of motor cars in completely build unit (CBU) fell by 80 percent to $31 million as compared with $156 million.

    While import of CKD (Completely Knocked Down) motor cars fell by 46 percent to $229 million in first six months of current fiscal year as compared with $426 million in the same period of the last fiscal year.

    The import of petroleum crude declined by 30 percent to $1.7 billion during first six months of current fiscal year as compared with $2.42 billion in the corresponding months of the last fiscal year.

    While import of petroleum products fell by 24 percent to $2.59 billion during July – December 2019/2020 when compared with $3.41 billion in the same period of the last fiscal year.

    According to top performing export items, basmati rice posted 56 percent increased to $380.2 million during first six months of current fiscal year when compared with $244 million in the corresponding period of the last fiscal year.

    Export of meat posted 52 percent growth to $155.9 million during July – December 2019/2020 when compared with $103 million in the corresponding period of the last fiscal year.

    The exports of readymade garments registered increase of 12 percent to $1.41 billion during first half of current fiscal year as compared with $1.26 billion in the same half of the last fiscal year.