Trade deficit shrinks 28 percent in seven months

By Muhammad YaseenPublished On 05 Jan 2023

KARACHI: The incumbent government’s efforts to cut down on deficits plaguing the national economy seems to be bearing fruit as the country’s trade deficit recorded a 28.40 percent decrease during the first seven months of the current fiscal year.

According to figures released today, exports rose by 2.14 percent to $13.498 billion during the period from July-January 2019-20 as compared to exports worth $13.216 billion during last year’s corresponding year.

On the other hand, imports shrank 15.95 percent to $27.249 billion in the last seven months from $32.420 billion of last year.

The figures show a trade deficit recorded a 15.30 percent drop on a year-on-year basis in January 2020.

Exports reduced by 3.17 percent to $1.970 billion as compared to exports of $2.035 billion in January last year while imports by 10 percent to $4.037 billion as against the imports of $4.467 billion of the same month last year.