Islamabad: A glaring calculation error on part of Pakistan Bureau of Statistics (PBS) overstated the actual exports over the $2b mark, which actually was $1.87b reported a local newspaper.
The reason attributed to this huge error, has been the use of an incorrect exchange rate that resulted in exports for August being calculated over the $2b mark.
As a result of this glaring error, exports were revised downwards to a figure of $1.87b and import figures were also revised to $4.95b and the trade deficit for August was recorded at $3.1b.
In a statement issued on their website, PBS said “Pakistan Bureau of Statistics would like to clarify that the figures of exports and imports presented in the summary trade statistics placed on the PBS website on 11th September 2017, for the month of August 2017 carried an incorrect number for the export and import figures for the month of August 2017 in US $ terms.”
“This occurred due to use of incorrect exchange rate for August 2017. This error was rectified and the correct numbers placed on our website. The exports and imports data in rupee terms and for the July-August period was correct.”
After revised figures, PBS reported that exports in August had grown 14.41pc over July and 12.8pc over same period last year (SPLY). Imports registered a paltry increase of 2.42pc over July and 15.08pc in comparison to SPLY.
As a result, the original figure of exports was revised back down to $235m in comparison to the original $438m figure reported earlier. Import figures were also revised down to $4.95b from the original figure of $5.5b reported earlier, causing a fall of $657m.
PBS regretted the error in a press release issued on their website and assured that measures had been put in place to avoid such an error never occurs again.
