Trade deficit shrinks 27.11 percent

ISLAMABAD             –         The country’s trade deficit witnessed significant reduc­tion during the fiscal year 2019-20 and declined by 27.11 per cent as compared to the previous year. The Coun­try’s deficit during July-June (2019-20) stood at $23.183 billion against the deficit of $31.805 billion during July-June (2018-19), according to the latest data of Pakistan Bu­reau of Statistics (PBS).

During the period under review country’s exports reg­istered about 6.84 per cent decrease, by going down from $22.958 billion last year to $21.387 billion during the current year whereas the im­ports declined from $54.763 billion to $44.570 billion, showing sharp decline of 18.61 per cent. Meanwhile, on year-on-year basis, the exports from the country de­creased by 6.52 per cent dur­ing June 2020 as against the exports same month of last year. The exports during June 2020 were recorded at $1.592 billion against the exports of $1.703 billion in June 2019.

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The imports also witnessed sharp decline of 14.66 per cent during the month as these de­clined from $4.353 billion in June 2019 to $3.715 bil­lion in June 2020. On month-on-month basis, the exports from the country increased by 14.04 per cent in June 2020 when compared to the exports of $1.396 billion in May 2020. Likewise, the imports into the country also increased by 29.76 per cent in June 2020 when compared to the im­ports of $2.863 billion in May.

Meanwhile, the country’s services trade deficit con­tracted by 41.63 per cent dur­ing the first eleven months of the financial year 2019-20 as compared to the correspond­ing period of last year.

During the period under review country’s services ex­ports declined by 8.52 per cent, whereas services’ im­ports narrowed by 23.61 per cent, according the trade sta­tistics of the Pakistan Bureau of Statistics (PBS).

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During the period from July-May (2019-2020), the ex­ports reached to $5.050 billion against the exports of $5.520 billion during the same period of last year, it added. Mean­while, the services imports witnessed decrease of 23.61 per cent and went down from $10.146 billion in first eleven months to $7.750 billion of the same period of current finan­cial year, it said.

Based on the figures, the services trade deficit during the period under review was recorded at $2.700 billion against the deficit of $4.625 billion during last year, show­ing decline of 41.63 per cent.

On year-on-year basis, the services exports from the country decreased by 16.72 per cent during May 2020 as against the exports same month of last year.

The exports during May 2020 were recorded at $389.99 million against the exports of $468.27 million in May 2019. The imports also witnessed decrease of 59.79 per cent during the month as these went down from $1164.03 million in May 2019 to $468.03 million in May 2020. On month-on-month basis, the exports from the country decreased by 4.19 per cent in May 2020 when compared to the exports of $407.06 million in April 2020. On the other hand, the imports into the country de­creased by 19.59 per cent in May 2020 when compared to the imports of $468.03 mil­lion in April.

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Significant reduction in the first eleven months of current financial year and declined by 27.77 per cent as compared to the corresponding period of last year. The Country’s deficit during July-May (2019-20) stood at $21.058 billion against the deficit of $29.154 billion during July-May (2018-19), according to the data.

Meanwhile, The country’s merchandise trade deficit witnessed significant reduc­tion during the fiscal year 2019-20 and declined by 27.11 per cent as compared to the previous year. The Coun­try’s deficit during July-June (2019-20) stood at $23.183 billion against the deficit of $31.805 billion during July-June (2018-19).

During the period under review country’s exports registered about 6.84 per cent decrease, by going down from $22.958 billion last year to $21.387 billion dur­ing the current year whereas the imports declined from $54.763 billion to $44.570 billion, showing sharp de­cline of 18.61 per cent.

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Moreover, the United States of America (USA) remained the top export destinations of the Pakistani products during the eleven months of current financial year (2019-20), fol­lowed by China and United Kingdom (UK).

The total exports to the USA during July-May (2019-20) were recorded at $3588.819 million against the exports of $3727.390 million during July-May (2018-19), show­ing negative growth of 3.71 per cent during the period under review, according to State Bank of Pakistan (SBP).

This was followed by Chi­na, wherein Pakistan export­ed goods worth $1535.454 million against the exports of $1701.506 million last year, showing decrease of 9.75 per cent.

UK was the at third top ex­port destination, where Paki­stan exported products worth $1491.000 million during this year against the exports of $1622.887 million during last year, showing decrease of 8.12 per cent, SBP data revealed.

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Among other countries, Pakistani exports to United Arab Emirates (UAE) stood at $1463.276 million against $1250.515 million during last year, showing increase of 17.01 per cent while the exports to Germany were re­corded at $1191.297 million against $1210.943 million last year, the data revealed.

During the eleven months, the exports to Afghanistan were recorded at $825.663 million against $1101.459 million whereas the exports to Holland stood at $906.558 million against $886.469 million. Pakistan’s exports to Spain were recorded at $806.443 million against $857.290 million last year where as the exports to Italy stood at $690.365 million against $734.932 million.

Similarly, the exports to Bangladesh during the period under review were recorded at $632.888 million against $690.772 million while the exports to France stood at $395.755 million against $412.001 million.

Article source: https://nation.com.pk/12-Jul-2020/trade-deficit-shrinks-27-11-percent