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Exports increase by 4.29% in 8 months - Inside Financial Markets

Exports increase by 4.29% in 8 months

– Associated Press of Pakistan

The exports from the country increased by 4.29 percent during the first eight months of the current fiscal year (2020-21) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The exports of the country during July-February (2020-21) were recorded at $16.304 billion against the exports of $15.633 billion during July-February (2019-20), according to the latest PBS data.

The imports during the period under review also increased by 7.49 percent by growing from $31.483 billion last year to $33.840 billion during the first eight months of current fiscal year.

Based on the figures, the country’s trade deficit increased by 10.64 percent during the first eight months as compared to the corresponding period of last year. The trade deficit during the period was recorded at $17.536 billion against the deficit of $15.850 billion last year.

Meanwhile, on year-on-year basis, the exports from the country decreased by 4.12 percent during the month of February 2021 as compared to the exports of February 2020. The exports during February 2021 were recorded at $2.049 billion against the exports of $2.137 billion in February 2020, the data revealed.

The imports into the country increased from $4.168 billion in February 2020 to $4.566 billion in February 2021, showing growth of 9.55 percent.

On month-on-month basis, the exports from the country decreased by 4.52 percent during February 2021 when compared to the exports of $2.146 billion in January 2021.

Likewise the imports into the country also decreased by 5.27 percent in February 2021 when compared to the imports of $4.820 billion in January 2021, the data revealed.

Meanwhile, the country’s services exports during the first seven months of the current fiscal year increased by 0.63 percent from $3.345 billion last year to $3.366 billion. Likewise, the services imports declined by 14.45 percent from $5.238 billion during first seven months of last fiscal year to $4.481 billion during the corresponding period of current fiscal year..

Based on the figures, the services trade deficit witnessed sharp decline of 41.09 percent by falling from $1.892 billion last year to $1.115 billion during the current year.

Syed Zaki Hussain

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