July trade deficit widens by whopping 85.53pc YoY

ISLAMABAD: Pakistan’s trade deficit widened by 85.53 percent to $3.104 billion in July 2021 as compared to $1.673 billion in the corresponding month of 2020, says the Pakistan Bureau of Statistics (PBS).

According to trade data released by the PBS on Monday, the import bill in July this year went up 47.90 percent to $5.434 billion against $3.674 billion over the corresponding month last year.

The country’s exports witnessed an increase of 16.44 percent and remained $2.33 billion in July 2021 compared to $2.001 billion in July 2020.

The trade data further revealed that the country’s exports declined by 14.59 percent in July 2021 and remained $2.330 billion compare to $2.728 billion in June 2021.

Further the country’s imports also declined by 14.45 percent in July 2021 and remained at $5.434 billion compared to $6.352 billion in June 2021.

Trade deficit swells by 81.4pc

Trade deficit also narrowed by 14.35 percent in July 2021 and stood at $3.014 billion when compared to $3.624 billion in June 2021.

The country’s trade deficit widened by 34.10 percent to $31.057 billion during the last fiscal year (July-June) 2020-21 compared to $23.159 billion during the same period of 2019-20.

Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood took to Twitter on July 2, 2021 and announced, during the first month of this financial year (July), our exports grew at 17.3 percent to $2.35 billion as compared to $2 billion in July 2020.

These are the highest ever exports in the month of July, he added.

However, according to the PBS, exports grew by 16.44 percent in July 2021 and remained $2.330 billion in July 2021 compared to $2.001 billion in July 2020.

Copyright Business Recorder, 2021