ISLAMABAD: The country’s trade deficit widened by 34.10 percent to $31.057 billion during the fiscal year (July-June) 2020-21 compared to $23.159 billion during the same period of 2019-20, says Pakistan Bureau of Statistics (PBS).

According to trade data released by the PBS, Pakistan’s exports grew by 18.11 percent to $25.268 billion during July-June 2020-21 from $21.394 billion over the corresponding period of last year. Imports increased by 26.42 percent to $56.325 billion during 2020-21 compared to 2019-20, when imports were recorded at $44.553 billion.

Exports increased by 61.10 percent on month-on-month (MoM) basis and stood at $2.692 billion in June 2021 against $1.671 billion in May 2021.

Imports witnessed 18.43 percent growth in June 2021 and remained $6.286 billion compared to $5.308 billion in May 2021. Trade deficit narrowed by 1.18 percent in June 2021 and remained $3.594 billion compared to $3.637 billion in May 2021.

Pakistan’s trade deficit widened by a massive 70.82 percent on year-on-year basis to $3.594 billion in June 2021 compared to $2.104 billion in June 2020. Trade figures show that the country’s exports registered 68.36 percent increase in June 2021 and stood at $2.692 billion compared to $1.599 billion in June 2020.

The country’s imports remained $6.286 billion in June 2021 compared to $3.703 billion in June 2020 registering 69.75 percent growth.

Copyright Business Recorder, 2021