Gold imports increase 24.28 percent in 2 months

Sep 27: The gold imports into the country increased by 24.28 percent during the first two months of the current fiscal year (2018-19) as compared to the corresponding period of last year.

Pakistan imported gold worth $3.296 million during July-August (2019-20) compared to the imports of $2.652 million during July-August (2018-19), showing increase of 24.28 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, the imports of gold increased by 9.86 per cent as the country imported 78 kilograms of gold during the period under review compared to the imports of 71 kilograms during last fiscal year.

Meanwhile, on year-on-year basis, the gold imports into the country during August 2019 surged by 57.27 percent when compared to the imports of the same month of the last year.

The gold imports during the months under review were recorded at $1.936 million against the imports of $1.231 million during August 2018.

In terms of quantity, the gold imports increased from 33 kilograms in August 2018 to 46 kilograms in August 2019, showing increase of 39.39 percent.

Meanwhile, on month-on-month basis, the gold imports during August 2019 increased by 42.35 percent when compared to the imports of $1.360 million in July 2019.

In terms of quantity, the gold imports increased by 43.75 percent in August 2019 when compared to the imports of 32 kilograms of gold in July 2019, the data revealed.

It is pertinent to mention here that the trade deficit during first two months of the current fiscal year dipped by 35.86 percent as compared to the corresponding period of last year.

The trade deficit during July-August (2019-20) was recorded at $3.924 billion against the deficit of $6.118 million in July-August (2018-19), the data revealed.

During the period under review, the exports from the country increased by 2.79 percent, from $3.651 million last year to $3.753 million during the current year.

On the other hand, the imports witnessed negative growth of 21.41 percent by falling from $9.769 million last year to $7.677 million this year.\\395

APP