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Trade deficit reduces 11.45pc in August

Trade deficit reduces 11.45pc in August

LAHORE: Pakistan’s trade deficit narrowed by 3.07 per cent during the first two months of the current fiscal year as exports expanded by 3.66 per cent while imports witnessed nominal increase of 0.54 per cent as compared to the same period of last year.

On year-on-year basis, the trade deficit decreased by 11.45 per cent in August 2013 when compared to the deficit of the same month of last year, according to the latest data of Pakistan Bureau of Statistics (PBS).

The figures show the exports during July-August 2013-14 were recorded at $4.091 billion against $3.946 billion recorded during the corresponding period in 2012-13.

On the other hand, the imports during the first two months of the current fiscal year were recorded at $7.386 billion against $7.346 billion during July-August last year, showing nominal growth of 0.54 per cent.

Based on the figures, the trade deficit during July-August 2013-14 was recorded at $3.295 billion against the deficit of $3.400 billion in the two months of 2012-13, showing negative growth of 3.07 per cent.

Meanwhile, on year-on-year basis, the exports from the country in August 2013 increased by 4.75 per cent to $1.996 per cent when compare to the exports of $1.905 billion in August 2012.

The imports into the country decreased by 3.07 per cent by falling from $3.685 billion in August 2012 to $3.572 in August 2013, the PBS data revealed. Based on the figures, the trade deficit in August 2013 was recorded at $1.576 billion against the deficit of $1.780 in August 2013, showing negative growth of 11.45 per cent.

On the other hand, exports in August 2013 decreased by 4.75 per cent when compared to the exports of $2.095 billion in August 2012. The imports into the country also decreased by 6.35 per cent in August 2013 when compared to the imports of $3.814 in August 2012, according to the data.

The deficit in August 2013 stood at $1.576 billion against the deficit of $1.719 billion in August 2012, showing negative growth of 8.31 per cent.