Pakistan's trade deficit swells by 34%

ISLAMABAD: Pakistan’s trade deficit widened by 34 per cent in the outgoing fiscal year (FY2020-21) from a year ago, data released by the Pakistan Bureau of Statistics (PBS) showed.

During the fiscal year 2020-21, the trade deficit widened by 34.10 to $31.05 billion from $23.15bn during the July-June period of the fiscal year 2019-20, according to figures.

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Exports grew by 18.11pc to $25.26 bn during July-June 2020-21 from $21.39bn over the corresponding period of last year.

Whereas, the import bill ballooned by 26.42pc to $56.32 bn during the 12 months of the outgoing fiscal year as compared to last year’s same period when imports were recorded at $44.53 bn.

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Earlier, Adviser to the Prime Minister on Commerce and Trade Abdul Razad Dawood tweeted: “The MOC is pleased to inform that our exports to the United Kingdom increased by 33% to $2.025 billion during FY’21 as compared to $ 1.526 billion during FY’20, an increase of $499 million.”

“The UK is a very important trading partner & is the first time that our exports have crossed $2 billion mark.”

The MOC is pleased to inform that our exports to the United Kingdom increased by 33% to $2.025 billion during FY’21 as compared to $ 1.526 billion during FY’20, an increase of $499 million. The UK is a very important trading partner & is the first time that our exports

— Abdul Razak Dawood (@razak_dawood) July 2, 2021