Gold imports fall 52pc in 1st half of FY21

ISLAMABAD: The gold imports into the country decreased by 52.17 percent during the first half of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The gold imports during July-December (2020-21) were recorded at $4.385 million as compared to the imports of $9.168 million during July-December (2019-20), the data revealed.

In terms of quantity, Pakistan imported just 72 kilograms of gold during the period under review as compared to the imports of 226 kilograms last year, showing a decline of 68.14 percent.

On year-on-year basis, the gold imports into the country witnessed sharp decline of 71.91 percent during the month of December 2020 as compared to the imports of December 2019. The gold imports during December 2020 were recorded at $0.494 million against the imports of $1.725 million in December 2019.

In terms of quantity, the gold imports decreased by 81.40 percent from 43 kilograms during December 2019 to imports of just 8 kilograms in December 2020.

On month-on-month basis, the gold imports during December 2020 decreased by 68 percent when compared to the imports of $1.527 million in November 2020 while in terms of quantity, the imports decreased by 68 percent in December 2020 when compared to the imports of 25 kilogram in November 2018.

It is pertinent to mention here that the country’s merchandize exports increased by 4.98 percent during the first half of the current fiscal year (2020-21) as compared to the corresponding period of last year.

The exports from the country during July-December (2020-21) were recorded at $12.098 billion against the exports of $11.524 billion during July-December (2019-20), according to the latest PBS data.

The imports into the country during the period under review also increased by 5.72 percent by growing from $23.195 billion last year to $24.521 billion during the first half of current fiscal year.

Based on the figures, the country’s trade deficit increased by 6.44 percent during the first half compared to the corresponding period of last year.

The trade deficit during the first six months of the current fiscal year was recorded at $12.423 billion against the deficit of $11.671 billion last year.