Trade deficit shrinks 8.32pc in two months
ISLAMABAD (City News) – The country’s trade deficit witnessed reduction of 8.32 percent during the first two months of current fiscal year (2020-21) as compared to the deficit of the corresponding period of last year.
The deficit during July-August (2020-21) was recorded at $3.382 billion as compared to the deficit of $3.689 billion, showing decline of 8.32 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).
During the period under review, the country’s exports registered negative growth of 4.27 percent, by going down from $3.744 billion last year to $3.584 billion during the current year.
On the other hand, the imports decreased by 6.28 percent, from $7.433 billion last year to $6.966 billion during the current year.
Meanwhile, on year-on-year basis, the country’s exports declined from $1.858 billion in August 2019 to $1.583 billion in August 2020, showing negative growth of 14.80 percent.
The imports also decreased by 11.85 percent by going down from $3.720 billion last year to $3.279 billion during the current year, the data revealed.
On month-on-month basis, the exports from the country decreased by 20.89 percent in August 2020 when compared to the exports of $2.001 billion in July 2020.
Likewise, the imports of the country declined by 11.07% in August 2020 as compared to the imports of $3.687 billion in July.