January 2, 2022 (MLN): Pakistan’s trade deficit during the month of December declined by 17% MoM to $4.14bn compared to $5.02bn in the previous month as imports weakened by $1bn MoM to $6.9 billion, Adviser to PM on Commerce and Investment Razak Dawood announced today.
In a series of tweets, he said “early indications are that the growth in imports has started to decrease. Imports during Dec 2021 decreased to $6.9bn as compared to $7.9bn in Nov 2021. This is a decrease of $1bn.”
The import projection for Dec 2021 was $6.2bn, he added.
However, on yearly basis, the trade deficit in December 2021 jumped by 57% from $2.64bn in Dec’20.
On the export front, he shared that during Dec 2021, Pakistan’s exports increased by, 16.7% YoY to $2.761bn as compared to $2.366 in Dec 2020.
However, on a monthly basis, exports shrank by 5% from $2.9bn in the previous month. The export target for the Dec’21 was $2.8bn.
Cumulatively during the first half of the current FY (Jul-Dec 2021), exports increased by 25% to $15.125bn as compared to $12.110bn during Jul-Dec 2020. The export target for the first half of this FY was $15bn.
Meanwhile, imports from July to Dec recorded at $39.91bn against $24.47bn in the corresponding period last year, marking a growth of 63% YoY.
This brings the trade deficit for 1HFY22 to $24.79bn against $12.36bn in the same period last year, up by 100% YoY.
While sharing the latest trade numbers, Razzaq Dawood said that the government will share further details on categories of exports and imports during Dec 2021 as soon as these are compiled.
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