Trade deficit declines 33 percent in five months

The country's trade deficit during first five months of the 2019-20 has recorded a decline of 33 percent as compared to the first five months of the 2018-19, said Pakistan Bureau of Statistics (PBS).

According the latest data of advance releases on foreign trade statistics, released by the PBS here on Tuesday, the country's trade deficit during the first five months of the ongoing fiscal year declined from $14.44 billion in July-November 2018 to $9.67 billion in July-November 2019.

According to PBS, Pakistan during July-November 2019 exported various goods and services worth $9.545 billion against July-October 2018's exports of $9.109 billion, reflecting an increase of 4.9 percent in country's exports.

The PBS said that country's export in November against October 2019 reached $ 2.011 billion mark from 2.024 billion showing a reduction of 0.64 percent. Similarly, the country's imports over the period were recorded at $3.94 billion from $4.074 billion, which reflected a decline of 3.29 percent on month on month (MoM) basis.

According to PBS, on MoM basis the country's trade deficit reduced by 5.9 percent as it reached $1.93 billion in November against $2.05 billion in October 2019.

According to PBS, in November Pakistan exported following main commodities; knitwear, worth Rs. 41.46 billion, readymade garments, Rs 38.943 billion, bed wear, Rs 30.37 billion, cotton cloth, Rs 26.152 billion, rice others, Rs 22.924 billion, cotton yarn, Rs 15.305 billion, towels, Rs 10.12 billion, made-up articles (excl towels & bed wear), Rs 8.855 billion), fish & fish preparations, Rs 8.5 billion, and Basmati rice, Rs 8.5 billion.

According to PBS, in November Pakistan imported following main commodities; petroleum products, Rs 71.44 billion, electrical machinery and apparatus, Rs 46.964 billion, petroleum crude, Rs 46.662 billion, plastic materials, Rs 26.7 billion, palm oil, Rs 26.5 billion, liquefied natural gas, Rs 22.2 billion, iron and steel scrap, Rs 20.2 billion, iron and steel, Rs 19.858 billion, mobile phones, Rs 17.2 billion, and fertilizer, Rs 15.07 billion.

On year on year (YoY) basis from November 2018 to November 2019, the country' export witnessed a growth of 9.35 percent from $1.84 billion to $2.011 billion while imports from November 2018 to November 2019 witnessed a decline of 14 percent from $4.58 billion to $3.94 billion. Over the year, the country's balance of trade improved by 29.65 percent from $2.74 billion to $1.93 billion. During October 2018 to October 2019, Pakistani rupee value against the US dollar witnessed a decline of 16.4 percent from 1$Rs 133.50 to 1$Rs 155.4.