Exports, imports decline during August 2020 in Pakistan, shows PBS report
KARACHI: Exports and imports in the country have witnessed a decline in August this year, ARY NEWS reported quoting a report from Pakistan Bureau of Statistics (PBS) on Friday.
According to the PBS report, United States Dollar (USD) 1.58 billion exports was recorded during the month of August 2020, witnessing a decline by 15 percent as compared to the same month of the previous fiscal year.
The imports in the same month stood at US$3.27 billion, showing a 12 percent decline in August 2020 as compared to the corresponding year of the previous fiscal year.
The trade deficit also recorded a decline of nine percent in August this year and stood at US$1.69 billion.
According to the PBS report, the first two months-July and August- of the previous fiscal year recorded exports of US$3.74 billion. However, this year it remained at US$3.58 billion, witnessing a decline of 4.3 percent.
The imports in the first two months of 2020-21 also witnessed a decline as it stood at US$3.74 billion in the previous year.
It is pertinent to mention here that Pakistan’s exports witnessed a major setback during the month of May 2020, mainly due to the coronavirus pandemic, after it fell down by 33 percent as compared to the exports in 2019, data shared by the Pakistan Bureau of Statistics (PBS) showed.
According to details, the country’s exports fell down to United States Dollar (USD) 1.39 billion in May 2020 as compared to $2.09 billion in the same month of the previous year.