Islamabad June 03 2021: Trade deficit touched recorded at USD3.4 billion on the back of exports below USD2 billion after span of 7 months when exports are more than USD5.0 billion mark.
Imports of goods registered a whopping increase of 78 percent to USD5,090 million up from USD2,863 million over the corresponding period last year. However, on month on month basis import bill decreased by a mere 1.9 percent despite extended Eid holidays.
On the other side, growth in exports of goods failed to cover increase in imports. Exports of goods recorded at USD1,657 billion posted increase of 18.6 percent when compared to the imports of USD USD1,396 billion during the same period last year.
Trade deficit jumped to USD27.2 billion during the period from July 2020 to May 2021 as against USD21.2 billion during July 2019 to May 2020. This is a result of significant jump of 21.3 percent in goods imports to USD49.7 billion due to economic recovery and higher commodity prices. While during the same period goods exported grew by 13.4 percent to USD22.5 billion not sufficient to cover the increase in imports.
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