The country''s trade deficit soared to $8.149 billion in July-December 2010, 18.20 percent up over $6.89 billion for the same period of last year, according to the Federal Bureau of Statistics (FBS). Official trade figures released by the FBS here on Tuesday showed an increase in exports of 20.63 percent for the same period which analysts say could be largely because of per unit price increase instead of increase in the quantity.
The trade prospects of the country appears to be bleak in coming months as a consequences of on-going gas shortage particularly to the industry, which is feared to prove disruptive to output growth, analysts say. They said the trade gap is likely to widen as a result of possible increase in oil prices and consequently the import bill. The current account has so far been saved by the blessing of remittances but widening of trade deficit may in future create problems for balance of payment.
Analysis of the data showed 20.63 percent growth in exports in the current fiscal year as the country''s exports in July-December 2010 increased to $10.97 billion compared to $9.1 billion for the same period of last year while import increased to $19.126 billion against US $16 billion during the same period of last year.
Trade gap soared by 21.09 percent in December 2010 over the corresponding period of last month as the country exported products worth $2.13 billion and imported goods and services worth $3.75 billion. The exports in December 2010 over the same month of last year grew by 35.79 percent and imports by 29.01 percent.
The exports increased from $1.566 billion in December 2009 to $2.126 billion in December 2010 and imports for the period under review increased to $3.750 billion from $2.91 billion. Analysis of monthly data showed that exports in December 2010 over previous month registered an increase of 19.69 percent and imports increased from $3.125 billion to $3.750 billion.