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Pakistan’s trade deficit touches new height, stands at $32.6b

Pakistan’s trade deficit touches new height, stands at $32.6b

ISLAMABAD: Pakistan booked a record trade deficit of $32.6 billion in the last fiscal year after exports nosedived to a six-year low while imports surged to a historical level of $53 billion, the Pakistan Bureau of Statistics (PBS) reported on Tuesday.

The government missed all of its trade sector targets for fiscal year 2016-17 that ended on June 30, which adversely affected its current account deficit projection and official foreign currency reserves. This also puts a question mark over the projections made at the time of budget making every year.