Trade deficit balloons 120% to $7.49 billion in two months

Trade deficit balloons 120% to $7.49 billion in two months

ISLAMABAD: Pakistan’s trade deficit ballooned by 120 per cent to $7.49 billion in first two months (July – August) of the current fiscal year.

The trade deficit was $3.40 billion in the same months of the last fiscal year, according to the Pakistan Bureau of Statistics (PBS).

The exports of the country increased by 27.59 per cent to $4.57 billion during the first two months of the current fiscal year as compared with $3.58 billion in the same months of the last fiscal year.

The import bill of the country registered a sharp increase of 72.59 per cent to $12.06 billion during July – August of 2021 as compared with $6.99 billion in the corresponding period of the last year.

The trade deficit widened even more sharply in August 2021 by 144 per cent to $4.23 billion when compared with trade deficit of $1.73 billion in August 2020.

The exports of the country were at $2.23 billion in August 2021 as compared with $1.58 billion in the same month of the last year, registering an increase of 41 per cent.

The import bill for the month of August 2021 was $6.46 billion when compared with $3.31 billion in the same month of the last year, showing a robust increase of 94.90 per cent.

The exports posted a decline of 4.53 per cent in August 2021 when compared with $2.34 billion in July 2021. However, the import bill increased by 15.39 per cent in August 2021 when compared with $5.6 billion in July 2021.

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