ISLAMABAD - Pakistan’s trade deficit widened by over 4 per cent during the first month of ongoing financial year (2012-2013) as it was recorded at $1.605 billion in July 2012 against $1.532 billion in the same period of last year.
According to the figures released by Pakistan Bureau of Statistics (PBS) on Friday, the country’s trade deficit widened by 4.77 per cent in one year. The figures revealed that trade deficit was recorded at $1.605 billion in July 2012 as compared to $1.532 billion of July 2011.
The exports declined by 4.64 per cent in the period under review, as overall exports were recorded at $2.057 billion in July 2012 as against $2.157 billion of the same period previous year. Meanwhile, imports recorded minor decline of 0.73 per cent in July 2012 as imports were recorded at $3.662 billion in the period under review compared to $3.689 billion of July 2011. Therefore, country’s trade deficit remained at $ 1.605 billion in July 2012 against the $ 1.532 billion of July 2011.
It might be mentioned here that country’s exports are on the declining side from last few months due to the several reasons that included persistent energy crisis in the country and also international market situation wherein prices of Pakistan’s exportable commodities have decreased. On the other hand, the government has yet to announce the three years trade policy, which could give any incentives to the exports to boost their exports. Commerce ministry officials have informed that trade policy is likely to be announced in the last week of August.
According to the PBS figures, country’s exports declined by 3.92 per cent in July 2012 as compared to its preceding month of June 2012. Pakistan exported commodities worth of $2.057 billion in July 2012 as compared to $2.141 billion of June 2012. Meanwhile, imports also recorded decrease of 8 per cent in July 2012 if compared with the figures of June 2012. Pakistan imported goods worth of $3.662 billion in July 2012 against $ 3.979 billion of June 2012. Trade imbalance was recorded at $1.605 billion in July 2012 against $1.838 billion of June 2011, showing a decline of 12.68 per cent in one month.