ISLAMABAD: The trade deficit marginally contracted to $11.8 billion in first four months of the current fiscal year on the back of almost flat growth in imports for the fourth consecutive month while the pace of increase in exports remained modest despite numerous rounds of currency depreciation.
The $11.8-billion deficit, recorded in July-October FY19, was nearly 2% or $237 million lesser than the same period of last fiscal year, the Pakistan Bureau of Statistics (PBS) reported on Friday (Nov. 9).
Exports in the July-October period increased 3.52% to $7.3 billion. In absolute terms, the export receipts rose $248 million, but the pace of increase was slower than the preceding year.
The value of imported goods stood at $19.1 billion, which was only 0.6% or $11 million higher than the import bill in the corresponding period of previous fiscal year.
Exports of goods were 261% less than the value of imports. Imports of the country have started to ease due to the State Bank of Pakistan (SBP)’s numerous policy and administrative measures. Additionally, the federal government has imposed heavy regulatory duties on imported goods.
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