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Exports increase by 4.29 percent in 8 months

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Islamabad: The exports from the country increased by 4.29 percent during the first eight months of the current fiscal year (2020-21) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The exports of the country during July-February (2020-21) were recorded at $16.304 billion against the exports of $15.633 billion during July-February (2019-20), according to the latest PBS data.

The imports during the period under review also increased by 7.49 percent by growing from $31.483 billion last year to $33.840 billion during the first eight months of current fiscal year.

Based on the figures, the country’s trade deficit increased by 10.64 percent during the first eight months as compared to the corresponding period of last year. The trade deficit during the period was recorded at $17.536 billion against the deficit of $15.850 billion last year.

At the same time, compared with the same period last year, the country’s exports in February 2021 fell by 4.12% compared to February 2020 exports. The export value in February 2021 was US$2.049 billion, while the export value was US$2.137 billion. The data shows that until February 2020.

Imports to this country increased from US$4.168 billion in February 2020 to US$4.566 billion in February 2021, an increase of 9.55%.

Compared with exports of USD 2.146 billion in January 2021, the country’s exports in February 2021 fell by 4.52% month-on-month.

Data show that compared with the import value of 4.82 billion U.S. dollars in January 2021, the country’s import value in February 2021 has also fallen by 5.27%.

Meanwhile, the country’s services exports during the first seven months of the current fiscal year increased by 0.63 percent from $3.345 billion last year to $3.366 billion. Likewise, the services imports declined by 14.45 percent from $5.238 billion during first seven months of last fiscal year to $4.481 billion during the corresponding period of current fiscal year..

According to these figures, the service trade deficit has dropped sharply by 41.09%, from US$1.892 billion last year to US$1.115 billion this year.

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