Pakistan imports over 500 kg of gold in fiscal 2018

The gold imports into the country increased by 24.28 percent during the fiscal year 2017-18 against the imports of the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

Pakistan imported gold worth $20.713 million during July-June (2017-18) against the imports of $16.667 million in July-June (2016-17), showing growth of 24.28 percent, according to latest PBS trade data.

In terms of quantity, Pakistan imported 509 kilograms of gold during the period under review compared to the imports of 440 kilograms during last year, showing an increase of 15.68 percent.

Meanwhile, on year-on-year basis, the gold imports into the country increased by 86.70 percent in June 2018 compared to same month of last year. The gold imports in June 2018 were recorded at $1.404 million against the imports of $0.752 million.

On month-on-month basis, the gold imports into the country, however witnessed negative growth of 34.62 percent in June 2018 when compared to the imports of $2.131 million in May 2018, the PBS data revealed.

It is pertinent to mention here that overall merchandize imports into the country increased by 15.10 percent during the fiscal year 2017-18 as compared to the previous fiscal year (2016-17). The imports during FY2017-18 were recorded at $60.898 billion as compared to the imports of $52.910 billion in FY 2016-17.

On the other hand, the exports from the country surged by 13.74 percent during the period under review. The exports from the country were recorded at $23.228 billion against the exports of $20.422 billion last year.

Based on the figures, the external trade deficit during the outgoing fiscal year 2017-18 increased by 15.95 compared to last year. The trade deficit during FY 2017-18 was recorded at $ 37.670 billion against the deficit of $32.488 billion in FY 2016-17.

(APP)