Exports increase by 13.97pc in 11 months

ISLAMABAD: The exports witnessed an increase of 13.97 percent during the first eleven months of the current fiscal year (2020-21) as compared to the exports of corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The exports during July-May (2020-21) were recorded at $22.560 billion against the exports of $19.795 billion during July-May (2019-20), according to the latest PBS data.

The imports during the period under review also increased by 22.52 percent by growing from $40.849 billion last year to $50.048 billion during the first eleven months of current fiscal year.

Based on the figures, the country’s trade deficit increased by 30.56 percent during the first eleven months as compared to the corresponding period of last year.

The trade deficit during the period was recorded at $27.488 billion against the deficit of $21.054 billion last year.

Meanwhile, on year-on-year basis, the exports of the country increased by 18.48 percent during the month of May 2021 as compared to the exports of May 2020.

The exports during May 2021 were recorded at $1.654 billion against the exports of $1.396 billion in May 2020, the data revealed.

The imports into the country increased from $2.857 billion in May 2020 to $5.299 billion in May 2021, showing growth of 85.87 percent.

On month-on-month basis, the exports from the country however decreased by 25.46 percent during May 2021 when compared to the exports of $2.219 billion in April 2021.

Likewise the imports into the country increased dipped by 0.74 percent in May 2021 when compared to the imports of $5.260 billion in April 2021, the data revealed.