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Trade deficit decreased by 35% during July-Oct of FY 2020

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ISLAMABAD: Pakistan’s trade deficit narrowed by around 35 percent in the first four months (July to October) of the current fiscal year, a report by the Ministry of Commerce revealed.
 Trade deficit fell from $11.7 billion recorded from July-October of Fiscal Year 18-19 to $7.8bn during the same period of the current fiscal year.

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The decrease in trade deficit can largely be attributed to a fall in imports of the country, which recorded a decline of 19.3 %. Imports during the period of July-October 2019 amounted to $15.3bn as opposed to $19bn during the same period of the past year.
Exports, meanwhile, saw a scanty rise of 3.6% and grew from $7.3bn to $7.5bn.
During October, trade deficit decereased by 32% and was recorded at $1.97bn as opposed to previous year’s $2.9bn.

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Exports during October of the current fiscal year increased by 6%, rising from $1.9bn to $2bn. Imports decreased by 17% and were recorded at $3.9bn as opposed to $4.8bn last year.

 

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