ISLAMABAD: The country’s trade deficit witnessed a significant reduction in the first three quarters of the current financial year (FY20), as it declined by 26.45 per cent as compared to the corresponding period of last year.
During the period under review, the country’s exports registered about 2.23pc growth, whereas imports reduced by 14.42pc, according to latest data released by the Pakistan Bureau of Statistics (PBS).
Exports witnessed an increase of 2.23pc to reach $17.451 billion, as against the exports of $17.071 billion in the same period of last year.
However, the country’s imports recorded a significant decrease of 14.42pc, from $40.679 billion in the first three quarters of FY19 to $34.814 billion during the same period of FY20.
Based on figures, the trade deficit during the period under review was recorded at $17.363, as against the deficit of $23.608 last year, showing a decline of 26.45pc.
On year-on-year basis, exports from the country decreased by 8.46pc during March 2020 as against exports in the same month of last year. Exports during March 2020 were recorded at $1.808 billion against the exports of $1.974 billion in March 2019.
Imports also witnessed a sharp decline of 19.85pc during the month as those declined from $4.116 billion in March 2019 to $3.299 billion in March 2020.
On month-on-month basis, exports from the country decreased by 15.56pc in March 2020 when compared to the export of $2.140 billion in February 2020. Likewise, imports into the country declined by 21.17pc in March 2020 when compared to the imports of $4.185 million in February this year.