Trade Deficit Doubles in July-December as Imports Increase

Islamabad: Pakistan’s trade deficit doubled to $ 24.79 billion in the first half of the year, mostly due to a 63% year-over-year increase in imports, according to preliminary government figures.

According to figures from July to December, imports rose from $ 24.47 billion a year ago to $ 39.91 billion in the period from July to December. In contrast, exports increased by 25% year-over-year to $15.13 billion in July and December. Imports in December were $6.9 billion, a 38% increase from the same month the previous year.

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According to figures from the research firm Arif Habib Limited, November imports were $7.93 billion, a decline of 13% compared to the previous month. He expressed confidence that the country’s exports will exceed $ 30 billion, the “biggest ever,” by the end of this fiscal year if it continues to expand at the same rate.

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Minister lamented the demise of the export sector “as a result of the misguided economic policies implemented by the administrations of [former Prime Minister] Nawaz Sharif and former Finance Minister Ishakdar.”

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