Rise of Pakistan Trade Deficit over Past Two Months
September 4, 2021
According to the Pakistan Bureau of Statistics (PBS) on Friday, the country’s trade deficit increased by 119.94% to $7.491 billion in the first two months of this fiscal year (FY22) up from $3.406 billion the previous year,.
The main reason for the trade deficit is that imports from the country have almost doubled compared to exports. Since December 2020, the trade gap has been widening, mainly to rapid increase in imports and comparatively slow growth in exports.
In July-August 2021, the import bill increased 72.59 percent to $12.064 billion, compared to $6.990 billion in the same months of FY20. In FY21, the import bill increased by 25.8 percent or $11.517 billion to $56.091 billion from $44.574 billion in FY20.