Pakistan's trade deficit remained $ 32.578 billion for the just concluded fiscal year of 2016-17, up by 36.32 percent as compared to $ 23.898 billion trade deficit a year before, according to Pakistan Bureau of Statistics (PBS). The PBS which reports monthly trade balance uploaded provisional trade figures for the fiscal year 2016-17 on Tuesday and reported that there was a decline of 1.63 percent in exports during the fiscal year while imports have shown a growth of 18.67 percent.
The country's exports were $ 20.448 billion during the last fiscal year of 2016-17, significantly lower than expectations and even less from $ 20.787 billion for a year before, while on the other hand imports have increased to $ 53.026 billion from $ 44.685 billion from fiscal year 2015-16.
Pakistan's exports have declined to $ 20.448 billion during the last four years from over $ 25 billion. The decline in exports coupled with other factors led to an increase in the current account deficit, a major concern for the country. Trade deficit of $ 2.622 billion was recorded in June 2017 compared to $ 2.792 billion for the same month a year ago, reflecting a decline of 6.09 per cent.
However an increase of 16.16 percent was reported in exports and decline of 2.16 percent in imports which narrowed the trade deficit in June. Exports in June 2017 were increased to $ 1.92 billion from $ 1.646 billion for the same month a year ago and imports to $ 4.534 billion from $ 4.438 billion. Trade deficit in June 2017 was recorded at $ 2.622 billion, lower by 24.33 per cent from $ 3.466 billion over May 2017.
According to PBS, exports increased to $ 1.912 billion in June 2017 from $1.652 billion in May 2017, reflecting an increase of 17.52 percent. Imports declined to $ 4.534 billion in June 2017 from $ 5.092 billion in May 2017, showing a decline of 10.96 percent over previous month of May 2017.
Copyright Business Recorder, 2017