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Trade deficit shrinks by 10pc

13 December, 2012

ISLAMABAD: Pakistan's trade deficit has significantly shrunk by ten per cent in one year mainly due to healthy growth in country's exports and decline in imports.

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ISLAMABAD: Pakistan's trade deficit has significantly shrunk by ten per cent in one year mainly due to healthy growth in country's exports and decline in imports.

The trade deficit, a gap between exports and imports, has shrunk by 9.9 per cent to $8.168 billion during the first five months (July-November) of the ongoing year 2012-13 from $9.069 billion of July-November period of the preceding year 2011-12. The decline in country's trade deficit is chiefly due to enhance in exports that surged because of increase in the exports of food products.

The official figures of Pakistan Bureau of Statistics (PBS) revealed that country's exports surged by 7.85 per cent in one year, as exports recorded at $10.082 billion in July-November period of the fiscal year 2012-13 as compare to $9.348 billion of the same period last year. On the other hand, country's imports have reduced by 0.91 per cent to $18.250 billion in July-November period of 2012-13 from $18.417 billion of the same period preceding year.

It is worth mentioning here that government has yet to announce three-year strategic trade policy framework 2012-15 that could fix the country's exports and imports targets for the ongoing financial year 2012-13 despite passing five and half months (July-December 12). Country does not have the exports and imports target at the moment.

Meanwhile, according to the PBS figures, the overall exports growth went down by 5.95 per cent in November 2012 if compared with the exports of October 2012. The country exported goods worth of $1.896 billion in November 2012 against $2.016 billion of the October 2012. However, the imports reduced by 4.83 per cent in November 2012 against October 2012, as the country imported goods worth of $3.607 billion during the last month as compared to $3.790 billion of October 2012. Therefore, the country's trade imbalance decreased by 3.55 per cent in November 2012 against the October 2012. The country's trade deficit was recoded at $1.711 billion in November 2012 against $1.774 billion of the October 2012.

According to the PBS figures, exports stood at $1.896 billion in November 2012, which were $1.533 billion in November 2011 and this showed an increase of 23.68 per cent in exports in one year.

Imports decreased by 2.33 per cent and totaled to $3.607 billion in November 2012 against $3.693 billion of November 2011. The trade deficit for September 2012 against September 2011 decreased by 20.79 per cent and was recorded at $1.711 billion.

End.


 
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