ISLAMABAD: A parliamentary committee has taken notice of increase in trade deficit of the country, which jumped to $30 billion during eleven months (July-May) of the last financial year 2016-17.
The Senate Standing Committee on Commerce has asked the officials of the ministry of commerce to give briefing on deteriorating balance of trade of the country on July 13. The committee would meet under the chair of its chairman Senator Shibli Faraz.
Pakistan’s external sector is continuing to face severe stress from last few months. Trade deficit swelled to historic $30 billion during eleven months (July-May) of the previous financial year as against $21.11 billion of the corresponding period of the preceding year, showing an increase of 42.12 percent. It was highest-ever trade imbalance during eleven months of a financial year.
Trade deficit had swelled due to massive increase in imports and decline in exports. Imports increased by 20.6 percent to $48.54 billion during July-May period of FY2017 from $40.25 billion of the last year. However, the exports tumbled by 3.13 percent to $18.51 billion in eleven months of the last fiscal year from $19.14 billion of the same period of the preceding year.