Pakistan’s trade deficit swells by 82%

ISLAMABAD: Pakistan’s trade deficit has widened by 82.2 per cent during the first eight months (July-February) of the current fiscal year 2021-22, ARY News reported on Thursday.

The data released by the Pakistan Bureau of Statistics (PBS) said the trade deficit has reached a whopping $31.959 billion compared to $17.535 billion during the same period of 2020-21.

According to the PBS monthly summary on foreign trade statistics for February 2022, the country’s exports increased by 25.8 per cent and remained $20.547 billion in the first eight months of the current fiscal year 2021-22.

Imports during the first eight months (July-February) of the current fiscal year and stood at $52.506 billion, while exports during the same period remained $20.574, showing an increase of 25.08 per cent, the PBS stated.

According to the PBS, the country’s trade deficit widened by 22.1 per cent on year-on-year basis, jumping from $2.533 billion in February 2021 to $3.095 billion in February 2022, showing an increase of 9.69pc.

Imports declined by 2.2 per cent on a month-on-month basis and remained $5.903 billion in February 2022 compared to $6.041 billion in January 2022.

Adviser to Prime Minister on Commerce Abdul Razak Dawood had announced that Pakistan’s textile exports reached new heights after they reached Rs1.55 billion in January 2022, the highest ever exports from the sector in a month.