Gold imports plunge 73pc in Q1FY21

ISLAMABAD: The import of gold into the country witnessed a decline of 73.04pc during the first quarter (Q1) of the current fiscal year (FY2020-21) as compared to the corresponding period of last year.

Gold imports during July-September FY21 were recorded at $1.206 million against the imports of $4.474 million during July-September FY20, according to the latest data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, gold imports shrunk 82.30pc, from 113kgs last year to 20kgs during the period under review.

However, on a year-on-year basis, the import of gold increased by 2.12pc in September 2020 when compared to the imports of September 2019. Gold imports during September 2020 were recorded at $1.206 million against the imports of $1.181 million in September last year.

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It is pertinent to mention that the overall merchandize trade deficit increased by 2.02pc during the first quarter of FY21 as compared to the corresponding period of last year.

The deficit during July-September FY21 was recorded at $5.804 billion as compared to the deficit of $5.689 billion last year.

During the period under review, the country’s exports registered a fall of 0.94pc, from $5.510 billion last year to $5.458 billion during the current year.

On the other hand, the imports decreased by 0.56pc, from $11.199 billion last year to $11.262 billion during the current year.

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