Exports crawl to double digits for second months in a row
Trade deficit at 11-month high of $11.76 billion
EXPORTS grew in double digits for the second month in a row in June at 10.22 per cent, but a rise in gold imports pushed the trade deficit to 11-month high of $11.76 billion.
Exports in June stood at $ 26.47 billion as compared to $24.02 billion in the same month last year.
The sectors that put up a good show include textiles (14.39 pc), petroleum products (38.3 per cent), engineering (21.57 pc), leather (15 per cent), marine products (27.49 per cent), oil seeds (44.4 per cent) and tobacco (31 per cent).
Imports increased by 8.33 per cent year-on-year to $38.24 billion in June.
According to exporters' body Fieo, outbound shipments have registered double-digit growth on account of improvement in the global demand.
"Demand is improving in advanced as well as in emerging markets. The figure is encouraging and we expect it to continue. This fiscal exports will be better than the previous fiscal," Fieo president Rafeeq Ahmed said.
In April-June period, exports grew by 9.31 per cent to $ 80.11 billion.
The 10.22 pc growth in June, however, is lower than the 12.4 pc expansion witnessed in May.
Trade deficit of $11.76 billion is a 11-month high. The previous high was $12.2 billion recorded in July last year.
It was $11.23 billion in May. In June last year, it stood at $11.28 billion.