Islamabad-Pakistan's trade deficit has contracted by 30.58 per cent during July to December 2019-20 as the imports have declined by 17.06 percent.

According the trade figure of the Ministry of Commerce for July to December 2019-20 the country's trade deficit stood at $5.129 billion during the first six months of the current fiscan ending December 31 as compared to $ 16.771 billion deficit during the same period fiscal 2018-19.

The decline in trade deficit was mainly driven by a fall in imports, which reduced by 17.06 percent as compared to first two quarter of the previous fiscal.

The imports fell to $23.182 billion in July-December 2019 from $ 27.952 billion during the same period last year.

The country’s exports have recorded an increase of 3.21 percent during the period under review. The volume of exports during July to December 2019-20 were $11.540 billion as compared to $11.181 billion during the same months of the previous fiscal. It is pertinent to mention here that the country's trade deficit had contracted by 35 percent during the first quarter of the fiscal year 2019-20.

During the first six months of the current fiscal Basmati Rice was top performing product with 56 percent increase in export, followed by meat 52 percent increase, vegetables 41 percent,fish/seafood 23 percent, other rice 14 percent, artificial silk & synthetic textile 13 percent, readymade and leather garments 12 percent each, Leather gloves 11 percent, surgical/medical instruments by 10 percent, knit wear by 8 percent and bed wear by 3 percent.

The country exports, during July to December 2019, to Russian Federation and Poland by 100 percent, Papua New Guinea by 97 percent, India by 96 percent, Guinea by 85 percent, Philippines by 40 percent, Vietnam by 32 percent, South Korea 26 percent, Belgium 12 percent, and Afghanistan by 11 percent. The country’s export to Yemen increased by 127 percent, Malaysia by 74 percent, Thailand 74 percent, UAE to 45 percent, Saudi Arabia 45 percent, Poland 34 percent, Netherlands 15 percent, China 12 percent, Germany 8 percent and United States 4 percent.

In top growing import products during July to December 2019 was mobile phone which was increased by 69 percent, followed by Electrical Machinery & apparatus 48 percent, aircraft, ships& boats 47 percent, petroleum gas liquefied 34 percent, Iron & steel scrap 5 percent, spices 5 percent, worn clothing 3 percent and rubber crude 2 percent.

In import declining items, the import of Complete Built Up Unit (CBU) declined by 80 percent, Complete Knocked Down Unit (CKD) buses, trucks by 51 percent, Transport parts by 47 percent, CKD motorcars 47 percent. Fertilizer manufactured 33 percent, Iron and steel 32 percent, petroleum crude 30 percent, petroleum products by 24 percent, plastic material 12 percent, palm oil 10 percent and Natural gas liquefied by 5 percent.

Import from Algeria increased by 186 percent, Iran by 149 percent, Egypt by 136 percent, Netherlands 100 percent, Denmark 72 percent, Vietnam by 61 percent, Taiwan by 34 percent, Canada by 32 percent, Brazil by 27 percent and Italy by 12 percent. Similarly the country’s import from India decreased by 64 percent, Japan 44 percent, Thailand 38 percent, Saudi Arabia 33 percent, UAE by 27 percent, Qatar 25 percent, Germany 24 percent, Kuwait 17 percent, Indonesia 16 percent and United States by 10 percent.