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Pakistan's trade deficit shrinks to US$12.5b
Publication Date : 12-03-2014
Pakistan’s trade deficit narrowed down by over four per cent in the first eight months of this fiscal year from a year ago owing to double digit growth in exports and a paltry growth in imports.
In absolute terms, the trade deficit fell to US$12.542 billion in July-February 2013-14 from $13.187 billion over the corresponding period last year, showed Pakistan Bureau of Statistics (PBS) data on Monday.
The ministry of commerce has estimated that exports will pick up in the months ahead because of duty exemptions on goods following GSP+ scheme.
But growth in exports will depend on improvement in energy supply to the textile industry in Punjab which has yielded the desired results.
On a monthly basis, exports reached $2.167 billion in February 2014, up by 18.09 per cent from $1.835 billion in the same month last year.
Export proceeds grew 6.20 per cent to $16.866 billion in July-February period this year from $15.882 billion in the corresponding period last year.
Depreciation of the rupee also facilitated export of goods from the country in the first eight months of the current fiscal year from a year ago. In terms of rupee, export proceeds witnessed growth of 16.23 per cent in July-February 2014 over the corresponding months of last year.
Contrary to this, imports reached $29.408 billion in July-February period this year, up by 1.17 per cent from $29.069 billion over the corresponding period of last year.
On monthly basis, imports witnessed a growth of 6.41 per cent to $3.6 billion in February 2014 as against $3.383 billion over the corresponding month of last year.