Trade deficit at $19 billion in July-April

ISLAMABAD: Pakistan’s trade deficit during the first 10 months of the current fiscal year of 2015/16 stood at $19 billion as the country exported goods worth $17.3 billion, while the imports were recorded at $36.3 billion, the Pakistan Bureau of Statistics (PBS) said on Wednesday.  

The bureau reported that the exports dropped by 13 percent while imports declined by 3.7 percent.

In the corresponding period last year, Pakistan’s exports stood at $19.9 billion and imports at $37.7 billion with a deficit of $17.82 billion. Compared to same period last year, Pakistan’s export-import gap increased by 6.68 percent. 

Exports in April were dipped 1.15 percent to $1.722 billion over the preceding month and down 13.4 percent over the same month a year ago. Imports during the month under review increased 8.5 percent to $3.87 billion over previous month and recorded an increase of 2.27 percent over same month in last fiscal. 

Since July 2015, selling of Pakistani products in international market has been continuously declining. In July 2015, country’s exports dipped 16.9 percent over corresponding month, while in the month of August the decline was 3.5 percent, September 20.37 percent, October 11.38 percent, November 15.12 percent, December 16.8 percent, January 2016 the decline was 13.9 percent, February 4.7 percent and in March 9.55 percent.

It is worth mentioning that the government set an export target of $25.5 billion for the current fiscal year. Last fiscal year, the exports were recorded at $25 billion.