Trade deficit widened to $15.030 billion during the first five months of the current fiscal year (July-November 2017) over the same period of the last fiscal year, Pakistan Bureau of Statistics (PBS) reported on Monday. At percentage point, trade deficit rose by 28.56 percent in the first five months when compared to the same period of the last fiscal year. A senior official of Finance Ministry concurrently expressed concerns and optimism and stated that happening in the external account was obviously a matter of concern for them but sounded optimistic that some measures taken recently to address the problem will yield positive results.

He said that developing economies face such challenges; however, efforts have been made to tame imports and boost exports and foreign exchange reserves. On year-on year basis in November 2017, trade deficit increased by 19.44 percent and surged to $2.924 billion from $2.448 billion in November 2016.

Pakistan exports increased by 10.49 percent while imports widened by 21.12 percent during July-November 2017 as opposed to the same period a year ago. Exports increased to $9.030 billion from $8.173 billion and imports to $24.060 billion from $19.864 billion. According to PBS figures, the country's imports increased by 16.48 percent during November 2017 over the same month of the last fiscal year and exports posted a growth of 12.35 percent. Imports rose to $4.898 billion in November 2017 from $4.205 billion in November 2016 while exports increased to $1.974 billion from $1.757 billion.

Trade balance improved by 3.85 percent in November 2017 over the previous month of October as result of 4.56 percent growth in exports and 0.63 percent contraction in imports. Exports have increased to $1.974 billion in November 2017 from $1.888 billion in October 2017 while imports decreased to $4.898 billion in November 2017 from $4.929 billion in October 2017.

Copyright Business Recorder, 2017