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Trade deficit eased to $19.98b in FY14

Trade deficit eased to $19.98b in FY14

ISLAMABAD: The trade deficit remained at $19.98 billion during outgoing financial year 2013-14, as compared to $20.49 billion of a year ago, showing a decline of 2.48 percent.
According to figures released by Pakistan Bureau of Statistics (PBS), exports slightly surpass the imports during last year that resulted in decline in trade deficit.
The PBS data showed that exports have registered an increase of 2.75 percent, as country exported goods worth of $25.132 billion last financial year 2013-14 as against $24.46 billion of a year ago. Meanwhile, the imports have recorded minor growth of 0.36 percent, as it stood at $45.113 billion during the period under review as against $44.95 billion of a year ago.
The rupee appreciation had also played crucial role in reducing the trade imbalance in last year, as imports did not record traditional increase. The country’s exports have recorded mainly because of the GSP plus status granted by European Union to Pakistan. Commerce Minister Khurram Dastgir in early July told a group of journalists that exports to European markets during the first 11 months (July-May) of the outgoing fiscal year grew by an additional $700 million because of GSP+ status. The major share in this growth was grabbed by the textile and clothing sector.

Meanwhile, the exports could further enhance in the previous year if government provide uninterrupted power supply to the industries. The government had provided better power supply to the industries in the start of previous financial year 2013-14, which later reduces. Therefore, exports have shown negative growth in last couple of months (May and June) of the previous year.