Pakistan’s Trade Deficit Exceeds $11.6 Billion In Just Three Months
According Pakistan Bureau of Statistics data, Pakistan’s imports mounted to $18.63 billion during July-September 2021-22 as against to $11.28 billion during the corresponding period of last fiscal year, showing 65% growth.
ISLAMABAD ( JAVED MAHMOOD )
Pakistan has sustained an immense trade deficit, $11.64 billion in just first three months of the ongoing fiscal year. In comparison with the corresponding period of last fiscal, the trade deficit has expanded by $5.81 billion. In percentage the trade deficit widened by 100.6 percent during the first quarter, July-September of FY- 2021-22 as compared to $5.814 billion during the same period of 2020-21.
According Pakistan Bureau of Statistics data, Pakistan’s imports mounted to $18.63 billion during July-September 2021-22 as against to $11.28 billion during the corresponding period of last fiscal year, showing 65% growth.
Exports witnessed 27.3 percent growth during July-September 2021-22 and remained $6.967 billion compared to $5.472 billion during the same period of 2020-21.
According to the PBS data further revealed that trade deficit widened by 70 percent on year-on-year basis and stood at $4.09 billion in September 2021 compared to $2.41 billion in September 2020.
The country’s exports witnessed 26.1 percent growth on year-on-year basis in September 2021 and stood at $2.380 billion compared to $1.887 billion in September 2020.
Imports witnessed 50.7 percent growth on year-on-year basis in September 2021 and stood at $6.479 billion compared to $4.297 billion in September 2020.
The data further showed that the trade deficit on month-on-month basis narrowed only by 5.3 percent to $4.099 billion in September 2021 compared to $4.330 billion in August 2021 while country’s exports registered 5.9 percent growth on month-on-month basis and stood at $2.380 billion in September 2021 compared to $2.247 billion in August 2021.
Imports declined by 1.4 percent in September 2021 and stood at $6.479 billion compared to $6.577 billion in August 2021.
According to the adviser, exports have increased by 27.4 percent in September 2021 to $2.41 billion as compared to $1.89 billion in September 2020.
However, according to the PBS data, exports increased by 26.1 percent on year-on-year basis. He further said for the first quarter of fiscal year 2021-22, the exports have increased by 28 percent to $6.99 billion as compared to $5.47 million in Q1 of 2020-21.
However, according to the PBS data, the exports increased by 27.3 percent during this period. The adviser did not share imports data and stated that the import figures are being analysed in consultation with other government departments and would be released shortly. However, till filing of this report, imports figures were not shared.
Rising imports and trade deficit have influenced the government to impose additional regulatory duty on the import of more than 120 items with the aim to discourage imports bill and trade gap.