ISLAMABAD: While the figures of Pakistan Bureau of Statistics (PBS) are yet to be finalised, the Ministry of Commerce has claimed that the trade deficit of Pakistan has been reduced by a whopping 30.58 per cent to $11.64 billion in the first half of the fiscal year 2019-20.
According to data shared by Adviser to Prime Minister on Commerce Abdul Razak Dawood, through his Twitter account, this decline was mainly because of a downward trend in imports and increasing exports of the country.
The export volume reached $11.54 billion recording an increase of 3.21 per cent from July 2019 to December 2019. During this period, the exports of rice increased by 56 per cent, meat by 52 per cent and vegetables by 41 per cent.
The export of seafood recorded an increase of 23 per cent, while silk, synthetic textile, football and leather exports grew by 13 per cent each.
Imports of the country dropped by 17 per cent to $23.18 billion, shrinking the trade deficit down to $11.64 billion.
“At a time when the world economy is sluggish, Pakistani exports have featured a 3.21 per cent growth, whereas the imports have shown a 17 per cent contraction. Pakistan has outperformed several competitor nations; this is just the beginning,” Razzak Dawood’s tweet read.
However, the imports of cellular phones increased by 69 per cent, electrical appliances by 48 per cent and petroleum products and gas by 34 per cent.
Imports from India decreased by 64 per cent over the past 6 months, according to the statistics provided by PBS.
“Our top three export performers for first half of FY2019/2020 have been basmati rice 56 per cent growth, meat 52 per cent, vegetables 41 per cent, fish/seafood 23 per cent, growth of rice of other varieties 14 per cent, whereas artificial silk/synthetic silk, footballs, leather footwear, all featured a 13 per cent growth,” he said.
As per the data imports of electronic machinery and aircraft, ships and boats, increased by 48 per cent, and 47 per cent in the first half-year.
In imports category, CBU (Complete Built-Up Unit) motor cars saw a decline of 124 per cent, while CKD (Complete Knocked Down Unit) buses and trucks also saw a decline of 100 per cent in imports of the country in 6 months.