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Gold import declined 31.78pc in FY17

Gold import declined 31.78pc in FY17

ISLAMABAD: The import of gold into the country declined by 31.78 per cent during fiscal year 2016-17 as against the import during the year 2015-16.

According to details, the import of precious metal during July-June (2016-17) went down to $16.67 million from $24.435 million in July-June (2015-16). The latest data released by Pakistan Bureau of Statistics (PBS) suggests that in terms of quantity, 440 kilogram of yellow metal was imported during the period under review against the import of 659 kg during the year 2015-16.

The import of iron and steel scrap, however increased by 2.59 per cent as it rose to $1.115 billion during the period July-June (2016-17) whereas during the same period of preceding year, the import of iron and steel scrap was recorded at $1.087 billion. Similarly, import of iron and steel also increased by 5.76 per cent to $2.121 billion in July-June (2016-17), whereas the import during the year 2015-16 was recorded at $2.005 billion. The import of aluminium wrought and works also recorded an increase of 1.46 per cent during the period under review.

The import during the corresponding period was recorded at $196.33 million whereas during same period of last year it was recorded at $193.505 million.

The overall metal group import also rose to $4.407 billion during July-June (2016-17), while during same period of the preceding year, it was recorded at $4.12 billion thus showing an increase of 6.96 per cent.