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.

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