Trade deficit narrows by over 14% in 3Qs

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Trade deficit narrows by over 14% in 3Qs

Daily Times - Leading News Resource of Pakistan

By Sajid Chaudhry

ISLAMABAD: Pakistan’s trade deficit has been recorded at $10.920 billion in the first nine months (July to March) of the ongoing fiscal year 2009-10 as compared with $12.741 billion in the same period of last fiscal year, indicating a decline of 14.29 percent.

Owing to decline in imports and a slight increase in exports, Pakistan’s trade deficit decreased by 14.29 percent during the first three quarters of the current financial year, Federal Bureau of Statistics’ (FBS) data revealed.

Pakistan’s exports witnessed positive growth of 6.01 percent by increasing from $13.381 billion in July to March 2008-09 to $14.185 billion in the same period of current fiscal year.

Imports into the country during the period under review witnessed decrease of 3.89 percent as compared to the same period of last year. Imports in July-March (2009-10) were recorded at $25.106 billion as against the imports of $26.122 billion in the same period of last year.

Exports of the country during March 2010 witnessed a growth of 37.78 percent with total exports at $1.807 billion as against the exports of $1.311 billion in March 2009. Imports in March 2010 were recorded at $3.287 billion as compared with $2.354 billion in March 2009 indicating an increase of 39.6 percent. Trade deficit in March 2010 amounted to $1.479 billion as against the deficit of $1.042 billion in March 2009, projecting an increase of 41.89 percent.

In March this year the exports witnessed positive growth of 17.37 percent with total exports at $1.807 billion as compared to February 2010 when country’s exports were recorded at $1.539 billion, the data revealed. Imports during March 2010 were at $3.287 billion as against $2.504 billion in February 2010. Trade deficit in March 2010 totalled to $1.479 billion as against the deficit of $964 million in February 2010, indicating an increase of 53.40 percent.