Gold imports decline 73% in Q1

ISLAMABAD: The imports of gold into the country witnessed decline of 73.04 percent during the first quarter (Q1) of the current fiscal year as compared to the corresponding period of last year.

The gold imports during July-September (2020-21) were recorded at $1.206 million against the imports of $4.474 million during July-September (2019-20), showing negative growth of 73.04 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, the gold imports shrunk by 82.30 percent by falling from 113 kilograms last year to 20 kilograms during the period under review.

Meanwhile, on year-on-year basis, the gold imports into the country increased by 2.12 percent in September 2020 when compared to the imports of September 2019.

The gold imports during September 2020 were recorded at $1.206 million against the imports of $1.181 million in September 2019.

On month-on-month basis, the gold imports into the country witnessed cent percent increase as compared to the imports of August 2020, the PBS data revealed.

It is pertinent to mention here that the overall merchandize trade deficit increased by 2.02 percent during the first quarter of current fiscal year (2020-21) as compared to the deficit of the corresponding period of last year.

The deficit during July-September (2020-21) was recorded at $5.804 billion as compared to the deficit of $5.689 billion, showing increase 2.02 percent.

During the period under review, the country’s exports registered negative growth of 0.94 percent, by going down from $5.510 billion last year to $5.458 billion during the current year.

On the other hand, the imports decreased by 0.56 percent, from $11.199 billion last year to $11.262 billion during the current year.