Islamabad: Amidst rising imports and declining exports, the trade deficit for financial year 2016-17 has shot up by 42pc to reach $30b. Figures released by the Pakistan Bureau of Statistics (PBS) on Tuesday revealed that trade deficit in May was recorded at $3.465b, an increase of 61pc compared to last year.
The main reason attributed to this alarming increase is due to a rise in import bill of petroleum products, food and capital good products, and the exports have kept their downward trajectory despite the Prime Ministerial textile support package to boost exports.
From July-May 2016-17, the import bill was recorded at $48.54b, increase of 20.6pc over the previous year. In May, the import bill surged up by $5.09b. Exports figures for May were recorded at $1.627b, representing an 11pc year on year decline. From July-May, exports proceeds were documented at $18.54b compared to $19.14b a year back. It is expected that the import bill by the end of this financial year 2016-17 will reach $53b.