ISLAMABAD: In line with the expectations, the country’s exports witnessed a major setback during the month of May 2020, mainly due to the coronavirus pandemic.
According to data released by the Pakistan Bureau of Statistics (PBS), the country’s exports fell to $1.39 billion in May 2020 as compared to $2.09 billion in May 2019, showing a decline of 33pc YoY.
Meanwhile, imports into the country also witnessed a decrease of 43pc during the month under review, from $5.05 billion in May last year to $2.86 billion.
Based on the above-mentioned data, the country’s trade deficit witnessed a contraction of 50pc in May 2020 and remained at $1.46 billion.
Sharing the 11-month statistics of the ongoing fiscal year, the PBS data revealed that the country’s exports declined 7.7pc to $19.79 billion, whereas imports witnessed a 19pc reduction and remained at $40.85 billion.
The significant decline in imports caused the trade balance to slide 28pc to $21.05 during the period under review.