Pakistan trade deficit grows 82.2pc to $31.9bn during first eight months of FY2022

Pakistan’s current fiscal year deficit for the first eight months (July-February) of the current fiscal year increased by 82.2 per cent to $31.959 billion, according to data released by Pakistan Bureau of Statistics (PBS).

As per the data, the trade deficit for 2020-21 stood at $31.959 billion compared to $17.535 billion recorded during the same period of last year.

Moreover,  exports for the first eight months of the current fiscal year increased by 25.8 per cent to $20.547 billion, while imports for the same period were recorded at $52.506 billion. 

On a year-on-year basis the trade deficit increased 22.1 per cent, from $2.533 billion in February 2021 to $3.095 billion in February 2022.

On a month-on month basis imports showed a decline of 2.2 per cent from $6.041 billion in January to $5.903 billion in February 2022.

According to the Adviser to PM on Commerce and Industry Abdul Razak Dawood the textile sector has shown the highest recorded exports in January 2022 of Rs1.55 billion.