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Gold import jumps 65% in July

Gold import jumps 65% in July

ISLAMABAD: The import of gold into the country surged by 65.43 percent during the month of July 2017 compared to the same month of the last year.

Pakistan imported gold worth $2.096 million in July 2017 compared to the imports of $1.267 million in July 2016, showing growth of 65.43 percent, according to latest trade data of Pakistan Bureau of Statistics (PBS).

On month-on-month basis, the import of yellow metal increased by 177.98 percent in July 2017 when compared to the imports of $754,000 in June 2017.

In terms of quantity, the gold import soared by 57.14 percent by growing from 35 kilogram in July 2016 to 55 kg in July 2017.

While on month-on-month basis, the import of the precious metal increased by 189.47 percent in July when compared to the imports of 19 kilo in June 2017, the data revealed.  Meanwhile, overall metal group import also surged by 59.11 per cent in July 2017 as compared to same months of last year.  The metal group import jumped to $466.701 million in July 2017 from $293.317 million in July 2016.

On monthly basis, the metal group import also increased by 22.29 percent in July, by growing from $381.635 million in June 2017.

It is pertinent to mention here that the overall merchandise imports during the first month of the current fiscal year (July 2017) increased by 36.74 percent compared to July 2016.  The imports into the country during July 2017 were recorded at $4.835 billion compared to the imports of $3.536 billion.  On the other hand, the exports from the country witnessed 10.58 percent increase compared to the corresponding month of last year.

Pakistan exported goods worth $1.631 billion in July 2017 compared to the exports of $1.475 billion in July 2016, showing upward growth of 10.58 percent.

Based on the figures, the traded deficit during July 2017 was recorded at $3.204 billion, which shows growth of 55.46 percent when compared to the deficit of $2.061 billion during July 2016.