Trade deficit crosses $19bn in first half of fiscal year
Business
Pakistan’s trade deficit exceeded $19 billion in the first six months of the fiscal year as exports declined and imports rose, according to official data.
ISLAMABAD (Dunya News) – Pakistan’s trade deficit crossed the $19 billion mark during the first six months of the current fiscal year, as imports continued to rise while exports showed a noticeable decline, according to official documents.
The data shows that exports fell by 8.7 percent during the July–December period, while imports increased by 11.28 percent, widening the trade gap and putting fresh pressure on the economy.
During the first half of the fiscal year, exports stood at over $15.18 billion, compared to imports worth more than $34.38 billion. In contrast, during the same period last fiscal year, exports were around $16.5 billion, while imports exceeded $30.9 billion.
On a year-on-year basis, exports in December recorded a sharp 20 percent drop compared to December of the previous fiscal year. Meanwhile, imports in December edged up by 2 percent, adding to the imbalance.
Economists said the figures show that the trade balance is “tilting the wrong way,” warning that unless exports pick up pace and imports are brought under control, the deficit could remain a tough nut to crack in the coming months.
