Pakistan trade deficit widens in first five months of FY 2016-17

ISLAMABAD: The volume of Pakistan’s trade deficit has rose to around 20 percent as exports slumped by around four percent during first five months (July-November) of the ongoing financial year (FY2016-17).

The country exported goods worth $8.2 billion during July-November period of the fiscal year as against $8.5 billion of the corresponding period of the previous year, according to the fresh data of Pakistan Bureau of Statistics (PBS).

Exports are continuously declining since this government took charge in June 2013, falling from $24.5 billion in fiscal 2012-13 to $20.8 billion during previous financial year 2015-16.

The country’s imports have recorded an increase of 8.83 percent during July-November period of the FY2017. Pakistan imported goods worth $19.96 billion during the five months of the current financial year as compared to $18.35 billion of the same period of the last year.

The trade deficit has widened by 19.9 percent during July-November period of the financial year. Country’s trade imbalance was recorded at $11.78 billion in the period under review as against $9.8 billion of the corresponding period of the last year.

According to the PBS figures, exports increased by 6.2 percent to $1.76 billion in November 2016 from $1.66 billion in the same month of the last year. Meanwhile, the imports went up by 10.81 percent to $4.26 billion in November 2016 from $3.8 billion in November 2015. Therefore, trade deficit was registered at $2.49 billion during November 2016 as against $2.18 billion in the corresponding month of the last year, showing an increase of 14.31 percent.