Trade deficit exceeds 43 43.3 billion

Trade deficit exceeds 43 433 billion

Pakistan’s trade deficit widened alarmingly by 57.85% to 43 43.33 billion in the first 11 months of fiscal year 2021, due to higher-than-expected imports.

Figures from the Pakistan Bureau of Statistics (PBS) show that the 11-month deficit in 2018 has already broken the record for the largest trade deficit of the whole year at 37 37 billion.

The trade deficit is widening due to the extraordinary increase in imports due to the rise in global commodity prices, while exports have stagnated at about ً 2.5 billion to 2 2.8 billion per month, most of which are semi-finished. Includes finished products and raw materials.

The trade deficit reached ارب 4.4 billion in May, up about 6.90 percent from April and 11.50 percent from May 2021.

The trade deficit reached a record high of ارب 37.7 billion in FY17-2017, however, due to government measures, it decreased to 31 31.8 billion in the next year (2018-19) and then to Rs. In 2019, it dropped further to ارب 23.2 billion.

However, this trend has changed again and the trade gap has reached ارب 30.8 billion in FY2021 and is expected to reach an all-time high during the current fiscal year.

During the first 11 months of the current financial year (July-May), the import bill increased by 44.28% to 72 72.18 billion from 50 50.2 billion in the same period last year.

In May alone, the import bill increased from ارب 5.29 billion to 6 6.64 billion over the same month last year, an increase of about 25.43%, while imports declined by 0.52% month-on-month in May. Happened

The government had on May 19 banned the import of about 800 luxury and non-essential items, the real effects of this decision will be seen this month.

A major government initiative to encourage the import of raw materials, rising global oil prices and high domestic demand pushed up the import bill.

Imports of vehicles, machinery and vaccines have also increased. The government is also importing wheat, sugar and expensive palm oil. It was کروڑ 600 million.

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