Pakistani exports up by 9.6%, imports cut by 17.53%

ISLAMABAD: Pakistan’s exports of goods during November 2019 have increased by 9.6 per cent to $2.02 billion while imports declined by 17.53 per cent to $3.815 billion over corresponding month of last year, according to the Ministry of Commerce’s data.

Exports were recorded at $1.843 billion while imports at $4.626 billion in the same month of last year (November 2018).

During July-november 2019/20, the country’s exports were recorded at $9.55 billion against $9.113 billion in corresponding month, showing an increase of 4.8 per cent (or $437 million), while imports were slashed by 19.27 per cent (or $4.546 billion) to $19.046 billion. Last year in the same period imports were recorded at $23.59 billion.

Five-month trade deficit (Exp-imp gap) was recorded at $9.496 billion against corresponding period’s deficit of $14.479 million. It indicates that trade deficit has declined by 34.4 per cent or $4.983 billion during these five months.

Trade deficit (exports-imports gap) in November 2019 was recorded at $1.795 billion while in November 2018, it was recorded at $2.783 billion depicting a sizable decline of 35.5 per cent (or $1 billion) in trade deficit in one month.

This increase in exports and cut in imports would improve the trade balance position and ultimately the current account deficit (CAD) that has recently turned into surplus. Economists believe that with the increase in the surpluses in CAD, the country’s foreign exchange reserves also get improve.