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Gold import rises 50% in 5 months

Gold import rises 50% in 5 months

ISLAMABAD: The import of gold during first five months (July-November) of current fiscal year increased by 50.58 per cent as compared to same period of previous year.

During the period under review, 217 kilogram of the yellow metal valuing US $7.768 million was imported against import of 164 kg gold worth $5.823 million last year.

On yearly basis, the import of yellow metal in November 2017 also witnessed an increase of 66.1 per cent as compared to same month of the year 2016 as it rose to $1.367 million in November 2017 from $823,000 in November 2016.

However, on month-on-month basis, the import went down by 21 per cent as during October 2017 the import was recorded at $1.737 million, latest data of Pakistan Bureau of Statistics reported.

Similarly, the overall metal group import also increased by 33.02 per cent in July-November (2017-18) to $2.134 billion from $1.6 billion in same period of previous year.

Iron and steel scrap import also surged by 92 per cent  as it rose to $656.2 million in first five months of current fiscal year from $341 million in July-November (2016-17).

Likewise, the import of iron and steel also rose to $940 million in Jul-Nov (2017-18) from $813.9 million in same period of preceding fiscal year thus showing an increase of 15.5 per cent.

Aluminum wrought and work import also increased by 18.66 per cent from $73 million in July-Nov 2016-17 to $86 million.

On year-on-year basis the overall metal group import in November rose by 6.08  per cent while on month-on-month basis the import went down by 5.98 per cent in November 2017 as compared to that of November 2016.

The import of overall metal group was recorded $383.23 million in November 2017 while it was recorded $361 million and $4017.56 million in November 2016 and October 2017 respectively.