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Tag: trade deficit

  • 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.

  • Pakistan’s trade deficit narrows by 34.42pc in July – November

    Pakistan’s trade deficit narrows by 34.42pc in July – November

    ISLAMABAD: Pakistan’s trade deficit has narrowed by 34.42 percent during first five months (July – November) of current fiscal year owing to improvement in exports, said Abdul Razak Dawood, Adviser to Prime Minister of Pakistan for Commerce, Textile, Industry & Production and Investment, on Sunday.

    In a tweet message, he said that as a result of the same policies of the government, the increasing EXPORTS are contributing to improvement in our Balance of Payments position and stabilization of the economy.

    The trade deficit reduced to $9.496 billion during July – November of current fiscal year as compared with the deficit of $14.479 billion in the corresponding period of the last fiscal year.

    The country’s exports registered five percent growth during the period under review. The exports grew to $9.55 billion during first five months of the current fiscal year as compared with $9.11 billion in the same period of the last fiscal year.

    However, the import bill of the country sharply fell by 19.27 percent during the period. The import bill declined to $19.04 billion during July – November of the current fiscal year as compared with $23.59 billion in the corresponding period of the last fiscal year.

  • Pakistan’s trade deficit narrows by 33.52 percent in July – October

    Pakistan’s trade deficit narrows by 33.52 percent in July – October

    ISLAMABAD: Pakistan’s trade deficit has narrowed by 33.52 percent during first four months (July – October) of current fiscal year owing to improving exports.

    According to data released by Pakistan Bureau of Statistics (PBS) on Thursday, the trade deficit reduced to $7.77 billion during July – October of current fiscal year as compared with the deficit of 11.7 billion in the corresponding period of the last fiscal year.

    The country’s exports registered four percent growth during the period under review. The exports grew to $7.54 billion during first four months of the current fiscal year as compared with $7.27 billion in the same period of the last fiscal year.

    However, the import bill of the country sharply fell by 19.21 percent during the period. The import bill declined to $15.32 billion during July – October of the current fiscal year as compared with $18.96 billion in the corresponding period of the last fiscal year.

  • Significant decline in import bill sharply narrows trade deficit by 35 percent in first quarter

    Significant decline in import bill sharply narrows trade deficit by 35 percent in first quarter

    ISLAMABAD: Significant decline in import bill helped to sharply narrow the trade deficit by 35 percent during first quarter of current fiscal year, according to data released Pakistan Bureau of Statistics (PBS) on Friday.

    The trade deficit narrowed by 35 percent to $5.72 billion during July – September 2019 of current fiscal year as compared with deficit of $8.79 billion in the corresponding period of the last fiscal year.

    The total import bill of the country fell by 21 percent to $11.25 billion during first quarter of the current fiscal year as compared with $14.16 billion in the same period of the last fiscal year.

    Meanwhile, the exports have posted 3 percent growth to $5.52 billion during July – September 2019 as compared with $5.37 billion in the same period of the last fiscal year.

  • Trade deficit narrows by 15.33pc to $31.82 billion in 2018/2019

    Trade deficit narrows by 15.33pc to $31.82 billion in 2018/2019

    ISLAMABAD: The country’s trade deficit has narrowed by 15.33 percent during fiscal year 2018/2019 owing to decline in import bill, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    The trade deficit declined to $31.82 billion in last fiscal year as compared with $37.58 billion in the preceding fiscal year.

    The decline in trade deficit can be attributed to 10 percent decline in total import bill. The imports declined to $54.79 billion during fiscal year 2018/2019 as compared with $60.79 billion in the preceding fiscal year.

    However, exports failed to exhibited growth despite several incentives announced by the government in the past.

    The exports fell by one percent to $22.97 billion during the last fiscal year as compared with $23.21 billion in the preceding fiscal year.

    In the month of June 2019 the exports fell sharply by 18.32 percent comparing the previous month. The exports were $1.71 billion in June 2019 as $2.1 billion in the month of May 2019.

    On the other hand imports also fell by 13.45 percent during the month under review. The imports were at $4.36 billion in June 2019 as compared with $5.04 billion in the month of May 2019.

    Analysts said that the decline in both imports and exports were due to budgetary measures announced in the month of June 2019.

    They said that the government had taken very harsh measures to generate revenue for the fiscal year 2019/2020. The elimination of zero-rate of sales tax negatively impacted the exports. On the other hand the rise in import duties and taxes also discouraged the foreign purchases.

    The analysts further said that the fall in rupee value also another major reason for decline in both exports and imports during the month of June 2019.

  • Trade deficit narrows by 13.62 percent in eleven months

    Trade deficit narrows by 13.62 percent in eleven months

    ISLAMABAD: The trade deficit has narrowed by 13.62 percent in first eleven months owing to measures taken by the government to increase the cost of imported luxury and non-essential goods.

    According to trade data released by Pakistan Bureau of Statistics (PBS) on Tuesday, the trade deficit reduced to $29.2 billion during July – May 2018/2019 as compared with the deficit of $33.81 billion in the corresponding period of the last fiscal year.

    Primary reason for shrinking trade deficit is reduction in import bill. The total imports fell by 8.47 percent to $50.47 billion during first eleven months of current fiscal year as compared with $55.14 billion in the same period of the last fiscal year.

    The government during the last couple of years has taken measures to discourage import of luxury and non-essential goods by imposing regulatory duty.

    However, exports were remained flat at $21.26 billion during July – May 2018/2019 as compared with $21.33 billion in the corresponding period of the last fiscal year.

    It is pertinent to mention here that the government had also extended many facilitations to jack up the exports but despite enjoying relaxations on many heads the Pakistani exporters failed to capture world market.

  • Pakistan’s trade deficit narrows by 13pc in 10 months

    Pakistan’s trade deficit narrows by 13pc in 10 months

    KARACHI: Pakistan’s trade deficit has narrowed by 13 percent during first 10 months (July – April) 2018/2019 owing to significant fall in import bill, according to trade data released by Pakistan Bureau of Statistics (PBS) on Wednesday.

    The trade deficit narrowed to $26.3 billion during July – April of current fiscal year as compared with the deficit of $30.17 billion in the same period of the last fiscal year.

    The major reason behind shrinking trade deficit was reduction in import bill. The import bill was declined to $45.47 billion during first 10 months of current fiscal year when compared with $49.36 billion in the corresponding period of the last fiscal year.

    The exports of the country, however, remained stagnant. The exports were at $19.17 billion during July – April 2018/2019 as compared with $19.19 billion in the same period of the last fiscal year.

    The State Bank of Pakistan (SBP) in its third quarterly report said that most of the deficit reduction during Jul-Mar FY19 was recorded in Q3, when imports dropped quite sharply in response to a deepening decline in purchases of foreign power generation machinery, aircraft and railway locomotives; technical and administrative hiccups in LNG imports (and power generation); and a temporary softening in global oil prices.

    Further support came from regulatory and macro stabilization measures taken earlier, which impacted industrial performance and reduced demand for imported raw materials (such as iron and steel), and also curtailed consumers’ demand for cars (thereby lowering imports of CBUs).

    In percentage terms, the 18.1 percent decline in the overall imports in Q3-FY19 was the largest drop in a quarter in almost 10 years. It was more than sufficient to offset a 3.3 percent contraction in exports in the quarter, and led the trade deficit to drop by a sizable 27.6 percent