Exports decreased by 7.65 percent during the second month of the current fiscal year, According to the data released by the Pakistan Bureau of Statistics on Friday.
The export proceeds fell to $1.85 billion in August as against $2.01bn over the corresponding month of last year. However, the cumulative export proceeds witnessed an uptick of 2.79pc to $3.75bn in the July-August period of 2019-20 over $3.65bn in the corresponding period last year.
Encouragingly, during July exports grew by 15.65pc on a year-on-year basis.
In contrast, imports in July and August reached $ 7.67 billion, down 21.41% from $ 9.76 billion compared to the same period last year. The drop is markedly steeper as the value of imported goods fell by 26.26 percent in August to $ 3.65 billion from $ 4.96 billion in the same month last year.
The country’s trade deficit shrank by 35.86 percent to $3.92 billion in July-August from $6.11bn over the corresponding months last year. On a monthly basis, the trade deficit decelerated by a hefty margin of 38.98pc to $1.79bn in August as against $2.94bn over the corresponding month last year.
The government has set a target to bring down the annual trade gap to $27.476bn by June 2020.
This decline is due to government interventions to stop the import bill, while export revenues showed a mixed trend over the same period.
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27 September, 2019