Trade deficit contracts 27pc to 23.2bn in FY20: PBS

ISLAMABAD: Pakistan’s trade deficit narrowed by 27 per cent to $23.18 billion in the fiscal year 2019-20, as against the deficit of $31.8 billion in the preceding fiscal year, Pakistan Bureau of Statistics (PBS) said on Friday.

The country's import bill declined significantly by 18.61pc to $44.57 billion during July–June 2019-20, as compared to $54.76 billion in the same period of the preceding year.

Exports from the country also fell by 6.84pc to $21.38 billion in the fiscal year 2019-20 as compared with $22.95 billion in the preceding fiscal year.

The fall in import bill and export receipts may be attributed to Covid-19, which adversely affected international trade. Moreover, declining oil prices also played a key role in reducing the import bill.