Pakistan posts record $34.75 billion trade deficit in 11 months

Pakistan’s trade deficit surged to a record high of $34.75 billion during the first 11 months of the ongoing fiscal year. According to the media reports, figures issued by the Pakistan Bureau of Statistics showed that exports during July to May crossed $27.9 billion, while imports climbed beyond $62.66 billion over the same period. The data indicated that exports fell by 5.61 per cent compared to the corresponding period of the previous fiscal year. In contrast, imports recorded a 5.94 per cent rise, further increasing pressure on the country’s external account. During the same period last year, imports were valued at more than $59.14 billion, showing a significant increase in the import bill this fiscal year. On a month-on-month basis, exports posted a 9.59 per cent increase in May compared to April, signalling some recovery in overseas shipments. Imports, however, declined sharply by 21.55 per cent in May from the previous month, indicating a considerable reduction in import volumes. Compared with May last year, exports rose by 1.26 per cent, while imports dropped by 6.63 percent every year. The latest trade figures reflect the ongoing difficulties facing Pakistan’s external sector, as the gap between exports and imports remains at a record level despite recent improvements in export performance and lower monthly imports. SBP’s foreign reserves rise by $43 million to $17.19 billion