The country’s exports increased by 7.12% during the first three quarters of the current fiscal year (FY21) as compared to the corresponding period of FY20.
According to the PBS (Pakistan Bureau of Statistics), exports during the (July-March) period stood at $18.685 billion against the exports of $17.443 billion in the same period of the last fiscal year.
Nevertheless, during the period under review, imports also surged by 13.6%, increasing from $34.791 billion last year to $39.512 billion during 3QFY21.
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The exports grew slower than the pace of increase in imports due to increasing reliance on imported commodities to ensure smooth supplies.
This increased Pakistan’s trade deficit by 20% during the first three quarters as compared to the corresponding period of last year.
During the period, the country’s trade deficit was recorded at $20.83 billion against the deficit of $17.35 billion last year.
It is relevant to mention that Pakistan’s trade deficit widened by 98% in March on a year-on-year (YoY) basis.
The gap between exports and imports grew to $3 billion in March as compared to a year ago, with a rise of $1.5 billion in a single month.
According to the Adviser to the Prime Minister on Commerce, Abdul Razak Dawood, imports rose mainly due to increased imports of various products.
These include petroleum products, wheat, soybean, machinery, raw material, chemicals, mobiles, fertilizer, tires, antibiotics, and vaccines.
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