Spices import increase 60.22pc

ISLAMABAD: The imports of spices products witnessed an increase of 60.22 percent during the first month of current financial year 2020-21, as compared to the corresponding period of last year.

Pakistan imported spices of worth US $22.811 million during July 2020 as compared to the imports of US $ 14.237 million during July 2019, showing growth of 60.22 percent, according to the Pakistan Bureau of Statistics (PBS).

In term of quantity, Pakistan imported 18,114 metric tons of spices products during the period under review as compared to the imports of 10,645 metric tons during corresponding period of last year, showing increase of 70.16 percent in term of quantity.

On month-on-month basis, the spices imports also increased by 8.79 percent during July 2020 as compared to the imports of $20.967 million in June 2020, the PBS data revealed.

It is pertinent to mention here that the country trade deficit witnessed reduction of 8.32 percent during the first two months current fiscal year (2020-21) as compared to the deficit of the corresponding period of last year.

The deficit during July-August (2020-21) was recorded at $3.382 billion against the deficit of $3.689 billion, the data revealed.

During the period under review, the country’s exports registered negative growth of 4.27 percent, by going down from $3.744 billion last year to $3.584 billion during the current year.

On the other hand, the imports witnessed decreased of 6.28 percent, from $7.433 billion last year to $6.966 billion this year.