Exports increase 5.53pc in seven months

ISLAMABAD: The exports from the country increased by 5.53 percent during the first seven months of the current fiscal year (2020-21) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported Monday.

The exports of the country during July-January (2020-21) were recorded at $14.242 billion against the exports of $13.496 billion during July-January (2019-20), according to the latest PBS data.

The imports during the period under review also increased by 6.92 percent by growing from $27.316 billion last year to $29.205 billion during the first seven months of current fiscal year.

Based on the figures, the country’s trade deficit increased by 8.27 percent during the first seven months as compared to the corresponding period of last year. The trade deficit during the first seven months of the current fiscal year was recorded at $14.963 billion against the deficit of $13.820 billion last year.

Meanwhile, on year-on-year basis, the exports from the country increased by 8.11 percent during the month of January 2021 as compared to the exports of January 2020. The exports during January 2021 were recorded at $2.132 billion against the exports of $1.972 billion in January 2020, the data revealed.

The imports into the country also increased from $4.121 billion in January 2020 to $4.733 billion in January 2021, showing growth of 14.85 percent.

On month-on-month basis, the exports from the country decreased by 9.89 percent during January 2021 when compared to the exports of $2.366 billion in December 2020.

Likewise the imports into the country also decreased by 5.43 percent in January 2021 when compared to the imports of $5.005 billion in December 2020, the data revealed.

Meanwhile, the country’s services exports during the first half of the current fiscal year increased by 0.31 percent from $2.835 billion last year to $2.844 billion. Likewise, the services imports also declined by 15.68 percent from $4.532 billion during first six months of last fiscal year to $3.821 billion during the corresponding period of current fiscal year..

Based on the figures, the services trade deficit witnessed sharp decline of 42.41 percent by falling from $1.696 billion last year to $0.977 billion during the current year.