Pakistan's gold imports fall by 76pc in Dec FY23-24 on YoY basis

ISLAMABAD: The imports of gold decreased by 6.02 per cent during the first half of the FY2023-24 as compared to the corresponding period of last year, according to a report released by the Pakistan Bureau of Statistics (PBS).

The gold imports during July-December (2023-24) were recorded at $ 13.562 million as compared to the imports of $14.431 million during July-December (2022-23).

In terms of quantity, Pakistan imported 240 kilograms of gold during the period under review as compared to the imports of 239 kilograms last year, showing increase of 0.54 percent.

On year-on-year basis, the gold imports decreased by 76.06 percent in December as compared to the same month of last year.

The gold imports during December 2023 were recorded at $0.780 compared to imports of $3.259 million.

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In terms of quantity, the gold imports declined by 75 percent to 12 kilograms in December 2023 as compared to the imports of 48 kilograms during December 2022 2023.

On a month-on-month basis, the yellow metal imports during December 2023 decreased by 79.99 percent when compared to the imports of $3.899 million in November 2023. In terms of quantity, the gold imports declined by 80 percent when compared to the imports of 60 kilograms during November 2023.

It is pertinent to mention here that the country’s overall merchandise trade deficit contracted by 34.29 per cent during the first half of the current fiscal year compared to the corresponding period of last year.