Pakistan’s Trade Deficit balloons over $ 20bn in 9MFY21

Pakistan's trade deficit ballooned to $ 20.83 billion during the first nine months of the current fiscal year (July-March) FY21 compared to a deficit of $ 17.35 billion from the corresponding period last year.

According to data released by the Pakistan Bureau of Statistics (PBS), the trade deficit for the month of March 2021 was recorded at $ 3.271bn, showing a month-on-month increase of 28.02 percent as compared to a deficit of $2.555bn recorded in February 2021.

Furthermore, on a Year-on-Year basis, the trade deficit showed a massive growth of 118.36pc, as compared to $ 1.498bn recorded in March 2020.

Meanwhile, exports increased by 14.17pc on monthly basis to $ 2.361bn as compared to $ 2.068bn in February 2021. Whereas, imports in March 2021 witnessed a rise of 21.83pc, reaching $ 5.632bn as compared to $ 4.623bn in February 2021.

On a yearly basis, exports in March 2021 increased by 30.44 percent as compared to $ 1.810bn recorded in March 2020. Whereas, imports increased by 70.25pc when compared to March 2020.

Overall the exports during the first nine months of the current fiscal stood at $ 18.685bn compared to $ 17.443bn from the corresponding period of last year, showing a rise of 7.12pc. Whereas, imports during the first nine months stood at $ 39.512bn compared to $ 34.791bn, an increase of 13.57pc from the same period of FY20.