Imports Reached Three-Year High of $5.66 Billion in March
With large contributions from wheat and sugar, oil and gas, fertilizers and pesticides, vehicles, cell phones, and machinery and equipment for factories, Pakistan’s imports surpassed a near three-year high of $5.66 billion in March.
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Imports are increasing, which suggests that Pakistan’s economy is expanding as the Covid-19 pandemic reaches its third wave.
Further rises in imports, which rose by more than 71 percent to $5.66 billion in March from $3.3 billion the month before, might, however, widen Pakistan’s current account deficit, making it more difficult for the government to pay for imports internationally and service its foreign debt.
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The head of research at Arif Habib Limited, Tahir Abbas, stated, “The most recent trade numbers do not suggest that the economy is heating up.”
The good news is that both imports and exports rose in March, he continued.
The Pakistan Bureau of Statistics (PBS) reported on Saturday that exports rose by 31% in March from the previous month to $2.36 billion.
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