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, importsfrom 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.
