The country’s trade deficit witnessed a significant reduction during the first seven months (July-January) of the current financial year (FY20), shrinking by 28.40pc when compared with the corresponding period of last year.
During the period under review, the country’s exports registered about 2.14 per cent growth (recorded at $13.498 billion), whereas imports reduced by 15.95pc (recorded at $13.216 billion), according to foreign trade statistics released by the Pakistan Bureau of Statistics (PBS).
On a year-on-year basis, the country’s trade deficit narrowed by 15.03pc during the month of January 2020 as against the same month of last year.
The deficit in January 2020 was recorded at $2.067 billion as compared to the deficit of $2.433 billion in January 2019.
During the month under review, exports decreased by 3.17pc, from $2.035 billion in January 2019 to $1.970 million in January 2020, whereas imports receded from $4.467 million in January last year to $4.037 million in January this year.
On a month-on-month basis, exports decreased by 1.15pc in January 2020 when compared with exports of $1.993 million in December 2019.
Imports during the month under review witnessed no change and were recorded at $4.037 billion.