Islamabad August 2023: In July 2023, the import of gold witnessed an impressive rise of 94.25% compared to the same month last year, as per the report from the Pakistan Bureau of Statistics (PBS).
Yesterday, the per tola price of 24 karat gold increased by Rs 4,600 and was sold at Rs 234,500 compared which is approximately Rs5,000 short of record high rates.
According to PBS data, gold imports for July 2023 stood at $1.986 million, in contrast to the $1.022 million recorded in July 2022. In terms of quantity, Pakistan brought in 50 kilograms of gold during the review month, marking a significant growth of 207.79% compared to the 16 kilograms imported the previous year.
However, the gold imports for July 2023 registered a decline of 39.32% in comparison to the imports of $3.273 million in June 2023. In quantity terms, there was a reduction of 40.48% in gold imports, which stood at 52 kilograms in June 2023. It's noteworthy that during the initial month of the fiscal year 2023-24, the trade deficit contracted by 41.16% when juxtaposed with the corresponding period of the previous year. The trade deficit for the review month was noted at $1.607 billion, a significant decrease from the $2.731 billion deficit in July 2022, constituting a 41.16% decline.
Exports in the same month totaled $2.057 billion, indicating a decrease of 8.57% from the $2.250 billion recorded last year. Conversely, imports experienced a notable decline of 26.44%, falling from $4.981 billion in the prior year to $3.664 billion in July 2023.