Trade Deficit Shrinks 26.45 % In 3 Quarters

Country's trade deficit witnessed significant reduction in first three quarters of current financial year and declined by 26.45% as compared to the corresponding period of last year

ISLAMABAD, (UrduPoint / Pakistan Point News - 3rd Apr, 2020 ) :Country's trade deficit witnessed significant reduction in first three quarters of current financial year and declined by 26.45% as compared to the corresponding period of last year.

During the period under review country's exports registered about 2.23% growth, whereas imports reduces by 14.42%, according the foreign trade statistics of the Pakistan Bureau of Statistics (PBS).

During the period from July-March (2019-200, The exports witnessed an increase of 2.23% and reached to $17.451 billion against the exports of $17.071 billion of the same period of last year, it added.

Meanwhile, country's imports witnessed significant decrease of 14.42 % and went down from $40.679 billion in first three quarters of last financial year to $34.814 billion of same period of current financial year, it said.

Based on the figures, the trade deficit during the period under review was recorded at $17.

363 against the deficit of $23.608 during last year, showing decline of 26.45 percent.

On year-on-year basis, the exports from the country decreased by 8.46% during March 2020 as against the exports same month of last year. The exports during March 2020 were recorded at $1.808 billion against the exports of $1.974 billion in March 2019.

The imports also witnessed sharp decline of 19.85% during the month as these declined from $4.116 billion in March 2019 to $3.299 billion in March 2020.

On month-on-month basis, the exports from the country decreased by 15.56 percent in March 2020 when compared to the exports of $2.140 billion in February 2020.

Likewise, the imports into the country declined by 21.17% in March 2020 when compared to the imports of $4.185 million in February.

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