Trade deficit balloons by 30% in July-May of current fiscal year: PBS

ISLAMABAD: Pakistan’s trade deficit widened by over 30 per cent in the July-May period of the current fiscal year as compared to last year’s corresponding period, data released by the Pakistan Bureau of Statistics (PBS) on Wednesday showed.

During the first 11 months (July-May) of fiscal year 2020-21, the trade gape widened by 30.56pc to $27.48 billion from $21.054bn over the same period of last year, according to figures.

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Exports grew by 13.97pc to $22.56 bn during July-May 2020-21 from $19.79 bn over the corresponding period of last year.

Whereas, the import bill ballooned by 22.52pc to $50.4 bn during the first 11 months of the ongoing fiscal year as compared to last year’s same period when imports were recorded at $40.84 bn.

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On Monday, the National Economic Council (NEC) led by Prime Minister Imran Khan set the economic growth rate target at 4.8 per cent for the next fiscal year.

Macroeconomic Framework for Annual Plan 2021-22 was approved by the National Economic Council during its latest session. Moreover, the council approved the gross domestic product (GDP) growth projections for the financial year 2021-22.

The proposed growth target of 4.8 per cent was approved with sectoral growth targets of 3.5 pc for agriculture, 6.5 pc for the industrial sector and 4.7 pc for the services sector.