Spices import product soars 60.22 percent

ISLAMABAD: Pakistan Bureau of Statistics (PBS) has informed that the imports of spices product witnessed an increase to 60.22 percent during the first month of the current financial year 2020-21, as compared to the same period of last year.

According to the Pakistan Bureau of Statistics (PBS), Pakistan imported spices worth the US $22.811 million during July 2020 as compared to the imports of US $ 14.237 million during July 2019, showing the growth of 60.22%.

PBS report said Pakistan imported 18,114 metric tons of spices products during the period under review as compared to the imports of 10,645 metric tons during the corresponding period of last year, showing an increase of 70.16 percent in terms of quantity.

The PBS data revealed on a month-on-month basis, the spices imports also increased by 8.79 percent during July 2020 as compared to the imports of $20.967 million in June 2020.

It worth mentioning here that the country trade deficit witnessed a reduction of 8.32 percent during the first two months’ current fiscal year (2020-21) as compared to the deficit of the same period in 2019.

The deficit during July-August (2020-21) was recorded at $3.382 billion against the deficit of $3.689 billion, the data disclosed.

During the period under review, the country’s exports registered a negative growth of 4.27 percent, by going down from $3.744 billion last year to $3.584 billion in 2020.