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Trade deficit shrinks 28 per cent in seven months

KARACHI: The incumbent government’s efforts to cut down on deficits plaguing the national economy seems to be bearing fruit as the country’s trade deficit recorded a 28.40 per cent decrease during the first seven months of current fiscal year.

According to figures released today, exports rose by 2.14 per cent to $13.498 billion during the period from July-January 2019-20 as compared to exports worth $13.216 billion during last year’s corresponding year.

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On the other hand, imports shrank 15.95 per cent to $27.249 billion in last seven months from $32.420 billion of last year.

Read More: ‘Inevitable’ currency devaluation led to highest external deficit: Hammad

The figures show trade deficit recorded a 15.30 per cent drop on a year-on-year basis in January 2020.

Exports reduced by 3.17 per cent to $1.970 billion as compared to exports of $2.035 billion in January last year while imports by 10 per cent to $4.037 billion as against the imports of $4.467 billion of the same month last year.

Read More: Current account deficit dropped by 72.6 pc in Nov, says Hafeez Shaikh

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