Gold imports dip 24.34pc in seven months, 19.7pc in January

ISLAMABAD: The gold imports into the country dipped by 24.34 percent during the first seven months of the current fiscal year compared to the corresponding period of last year.

Pakistan imported gold worth $12.843 million during July-January (2018-19) compared to the imports of $9.717 million during July-January (2017-18), showing growth of 24.34 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, Pakistan imported 249 kilograms of gold during current year compared to the imports of 317 kilogram, showing negative growth of 21.45 percent.

Meanwhile, on year-on-year basis, the gold imports into the country decreased by 19.77 percent in January 2019 compared to the same month of last year.

The gold imports in January 2019 were recorded at $0.966 million against the imports of $1.204 million in January 2018.

In terms of quantity, Pakistan imported 25 kilograms of gold during January 2019 against the imports of 29 kilograms in January 2018, showing decline of 13.79 percent.

On month-on-month basis, the gold imports increased by 3.65 percent during January 2019 when compared to the imports of $0.932 million in December 2018.

In terms of quantity, the gold imports witnessed increase of 4.17 percent when compared to imports of 24 kilogram during December 2018, the PBS data revealed.

It is pertinent to mention here that the country's overall merchandize trade deficit plunged by 9.66 percent during July-January (2018-19) as the deficit contracted by over $2 billion to $19.264 billion in the period under review against the deficit of $21.324 billion recorded during same period of the previous year.

The exports during the period of current fiscal year also witnessed an increase of 2.24 percent to $13.231 billion from $12.941 billion during last year while the imports declined by 5.17 percent to $32.495 billion from $34.265 billion during first seven months of current fiscal year, PBS reported. On the other hand, services trade deficit shrank by 29.11 percent during the first half of the current fiscal year compared to the corresponding period of last year.

The services trade deficit during July-December (2018-19) was recorded at $1.945 billion against the deficit of $2.744 billion during July-December (2017-18), showing decline of 29.11 percent, the data revealed.