Trade Deficit Shrinks

ISLAMABAD, Nov 5 (APP):The country’s services trade deficit contracted by 50.91 percent during the first quarter (Q1) of the current financial year (2019-20) as compared to the corresponding period of last year.

The services trade deficit during July-September (2020-21) was recorded at $538.87 million against the deficit of $1097.82 million in July-September (2019-20), according to the latest data of Pakistan Bureau of Statistics (PBS).

The services exports during the two months under review were recorded at $1225.26 million against the exports of US $1295.26 million last year, showing negative growth of 5.4 percent.

The imports into the country shrunk by 26.28 percent by falling from
US $2393.08 million to US $1764.13 million, the PBS data revealed.

ALSO READ  Pakistan's participation as special partner in CAEXPO to strengthen cooperation with China, ASEAN: China

Meanwhile, on year-on-year basis, the services exports from the country increased by 12.66 percent and were recorded at $463.16 million in September 2020 against the exports of $411.12 million in September 2019.

On the other hand, the imports declined by 6.44 percent by falling from $577.17 million in September 2019 to $540 million in September 2020, the data revealed.

On month-on-month basis, the exports from the country witnessed increase of 29.75 percent in September 2020 when compared to the exports of $356.97 million in August 2020.

Likewise, imports into the country increased by 17.65 percent in September 2020 when compared to the imports of US $458.99 million in August 2020.

ALSO READ  Sino-Pak cooperation in logistics contributes to trade facilitation between two countries

Meanwhile, the country’s merchandize trade deficit witnessed reduction of 1.88 percent during the first four months of current fiscal year (2020-21) as compared to the deficit of the corresponding period of last year.

The deficit during the period was recorded at $7.577 billion as compared to the deficit of $7.722 billion last year, according to PBS data.

During the period under review, the country’s exports registered positive growth of 0.33 percent, by going down from $7.529 billion last year to $7.554 billion during the current year.

On the other hand, the imports decreased by 0.79 percent, from $15.251 billion last year to $15.131 billion during the current year.