ISLAMABAD: Trade deficit widened by 91.9 percent during the first seven months (July-January) of the current fiscal year 2021-22 and reached $28.800 billion compared to $15.002 billion during the same period of 2020-21, revealed the Pakistan Bureau of Statistics (PBS) data.

According to the PBS monthly summary on foreign trade statistics for January 2022, the country’s exports declined by 7.8 percent on month-on-month basis and remained $2.546 billion in January 2022 compared to $2.764 billion in December 2021.

The country’s exports increased by 23.9 percent and remained $17.671 billion in the first seven months of current fiscal year 2021-22 compared to $14.255 billion during the same period of 2020-21.

Imports increased by 58.8 percent during the first seven months (July-January) of the current fiscal year and stood at $46.47 billion compared to $29.257 billion during the same period of the corresponding year, stated the PBS.

Imports reach $32.851bn mark: Jul-Nov trade deficit widens 68.6pc YoY

According to the PBS, the country’s trade deficit widened by 26.4 percent on year-on-year basis, jumping from $2.658 billion in January 2021 to $3.362 billion in January 2022.

Imports registered an increase of 23 percent on year-on-year basis and jumped from $4.803 billion in January 2021 to $5.908 billion in January 2022. Further exports registered 18.6 percent growth on year-on-year basis and increased from $2.145 billion in January 2021 to $2.546 billion in January 2022.

According to the PBS data, trade deficit narrowed by 30.1 percent on month-on-month basis from $4.816 billion in December 2021 to $3.362 billion in January 2022.

Imports declined by 22 percent on month-on-month basis and remained $5.908 billion in January 2022 compared to $7.580 billion in December 2021.

Copyright Business Recorder, 2022