Restrictive measures for imports reduce trade deficit

ISLAMABAD: Pakistan’s imports registered a 19.21% decrease in the first four months of the current fiscal year, amounting to $15.32 billion as compared to $18.96 billion over the corresponding period last year.

invest with imarat

Islamabad’s emerging city centre

Learn More

According to data provided by the Pakistan Bureau of Statistics (PBS), the decline in value of imported goods in October is 15.14% to $4.07bn against $4.8bn during the same time period in the previous fiscal year.

On the other hand, exports experienced growth by 3.81% to $7.54bn in July-October, against $7.27bn over the corresponding period last year.

The slight escalation in exports and significant drop in imports has led the country’s trade deficit to fall by 34% in the first four months of current fiscal year.

The data showed trade deficit in the first four months ebbed to $7.77 billion from $11.69bn over the corresponding period last year, reflecting a dip of $4.19bn or 33.52%.

The trade deficit has been on a steady decline in the ongoing financial year primarily due to the government’s corrective measures to slow down imports of non-essential commodities to help lessen pressures on foreign exchange reserves and slump in overall demand.

For more news and blogs, visit Graana.com.

Maham Tahir

Recent Posts

Punjab Approves PKR 15.76 Billion Development Projects for Roads, Wildlife, and Tourism

Lahore: The Provincial Development Working Party (PDWP) has approved development projects worth PKR 15.76 billion…

16 hours ago

LCCI establishes Rs3m Emergency Fund for KPK flood-hit people

LAHORE – The Lahore Chamber of Commerce and Industry (LCCI) on Sunday announced an emergency…

3 days ago

Saudi Banks’ Lending Surges to SR3.2 Trillion in June, Propelled by Corporate Demand

RIYADH – Outstanding loans from Saudi banks climbed to SR3.2 trillion ($849.7 billion) in June,…

3 days ago

CDA Sets 3-Month Deadline for Rs1.4B T-Chowk Flyover

ISLAMABAD: The Capital Development Authority (CDA) has opened bids for the Rs1.4 billion T-Chowk Flyover,…

4 days ago

Future Salalah City Announced: 60,000-Resident Urban Project to Transform Dhofar

SALALAH: Oman’s Ministry of Housing and Urban Planning has announced plans for Future Salalah City,…

5 days ago

Approval Granted for Gwadar’s Eastbay Expressway Phase II

Gwadar: The federal government has approved the construction of Gwadar Eastbay Expressway Phase II, linking…

1 week ago