Gold imports fall by 26.83% in 11 months

ISLAMABAD: The gold imports decreased by 26.83 percent during the first eleven months 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-May (2020-21) were recorded at $8.508 million as compared to the imports of $11.627 million during July-May (2019-20), according to the data.

In terms of quantity, Pakistan imported 142 kilograms of gold during the period under review as compared to the imports of 275 kilograms last year, showing a decline of 48.36 percent.

Meanwhile, on year-on-year basis, the gold imports witnessed cent percent during the month of May 2021 as compared to the imports of Mary 2020. The gold imports during May 2021 were recorded at $1.579 million whereas there were no gold imports during May 2020.

On month-on-month basis, the gold imports during May 2021 increased by 58.82 percent as compared to the imports of $0.978 million in April 2021.

It is pertinent to mention here that the overall merchandize exports from the country increased by 14.05 percent during the first eleven months of the current fiscal year (2020-21) as compared to the corresponding period of last year.

The exports of the country during July-May (2020-21) were recorded at $22.576 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 22.50 percent by growing from $40.849 billion last year to $50.039 billion during the first eleven months of current fiscal year.

Based on the figures, the country trade deficit increased by 30.44 percent during the period under review as compared to the corresponding period of last year. The trade deficit during the period was recorded at $27.463 billion against the deficit of $21.054 billion last year.