ISLAMABAD - Pakistan trade deficit has contracted by around five percent during eight months (July-February) of the ongoing fiscal year over a year ago mainly due to better exports compare to imports.
The trade deficit - gap between imports and exports of goods - has recorded at $12.542 billion during July to February period of FY2014 against $13.187 billion of the corresponding period of last year. According to the figures of Pakistan Bureau of Statistics, country’s trade imbalance has reduced by 4.87 percent in one year.
The country’s exports are showing positive growth in the present fiscal year against nominal increase in imports. Pakistan’s exports have recorded at $16.87 billion in July-February of FY 2014 against $15.88 billion of a year ago, showing an increase of 6.2 percent. Meanwhile, imports registered at $29.41 billion in the period under review from $29.07 billion of the corresponding period of last year, recording enhance of 1.17 percent. Therefore, the country’s trade deficit has recorded at $13.187 billion.
Country’s exports have recorded growth because of improved power supply to the industrial units this year against previous years.
According to the PBS figures, exports went up by 5.14 percent in February 2014 as against exports of its preceding month of January. Exports have recorded at $2.167 billion in February 2014 compared to $2.061 billion of January 2014. However, imports have recorded massive decline of 12.98 percent, as it registered at $3.6 billion in February 2014 against $4.14 billion of January 2014. Trade imbalance has recorded at $1.433 billion in February 2014 compared to $2.076 billion of January 2014, showing decline of 30.97 percent.
The PBS figures showed that country’s exports have increased by 18.09 percent in February 2014 from same period of last year. Exports stood at $2.167 billion in February 2014, which were $1.835 billion in February 2013. Imports went up by 6.41 percent, as it recorded at $3.6 billion in February 2014 against $3.38 billion of February 2013.
The trade deficit for February 2014 against February 2013 increased by 7.43 percent and was recorded at $1.433 billion.