Trade deficit hit the roof, widens by $32.6 billion, rising by 36%

Pakistan trade deficit reached to all time record high level of 32.5 billion dollars during the last fiscal year as imports accelerated against the pace of exports.

According to the data released by Pakistan Bureau of Statistics showed that trade deficit during July 2016 to June 2017 amounted to 32.5 billion dollars as compared with 23.89 billion dollars of the corresponding year.

Exports showed dismal performance and dropped by 1.6 percent to 20.44 billion dollars during the preceding year as against 20.787 billion dollars of 2015.16.

Imports accelerated on back of higher shipments of power companies and machinery and equipment related to CPEC. Imports amounted to 53 billion dollars as against 44.685 billion dollars of 2015-16, showing an increase of 18.67 percent.

The worrisome situation for the economy managers has been widening of trade deficit during the last year where gap risen to 36 percent. This would add pressure on external front and on the local currency too, said an analyst.