Gold imports slide by 24.79 percent in six months

January 25, 2019: The gold imports into the country decreased by 24.79 percent during the first half of the current fiscal year against the imports of corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The country imported gold worth $8.754 million during July-December (2018-19) against the imports of $11.640 million in July-December (2017-18), showing growth of 24.79 percent, the PBS data revealed.

In terms of quantity, Pakistan imported 225 kilograms of gold during the period under review against the imports of 288 kilograms last year, showing negative growth of 21.88 percent.

Meanwhile, on year-on-year basis, the gold imports into the county the gold imports during December 2018 decreased by 67.58 percent against the imports of December 2017. The gold imports during the month were recorded at $0.932 million compared to the imports of $2.875 million in December 2017, the data revealed.

In terms of quantity, Pakistan imported 24 kilograms gold in December 2018 against the imports of 69 kilogram in December 2017, showing decrease of 65.22 percent.

On month-on-month basis, the gold imports in dollar terms into the country decreased by 47.29 percent in December 2018 when compared to the imports of $1.768 million in November 2018. In terms of quantity, the imports of gold during the month under review decreased by 17.83 percent when compared to the imports of 46 kilogram in November 2018.

It is pertinent to mention here that the overall trade deficit of the country has contracted by five percent to US$ 16.8 billion in July-December (2018-19) against the deficit of US $17.7 billion during same period of the year 2017-18.

Government’s policy measures have resulted in shrinking of trade deficit, decline in imports and increase in exports which augurs well for overall balance of payment of the country.

(APP)