The trade deficit of Pakistan fell by 35%, from $8.79 billion in the first quarter of this fiscal year (July-September) to $5.72 billion. The trade deficit was reduced by $3.06 billion, almost entirely due to reduced imports.
The Pakistan Statistics Bureau (PBS) released trade data on Friday.
As the trade deficit contracted for the third consecutive month, the struggle of the government against the trade deficit finally yielded results.
According to the data released by PBS, Pakistan’s exports in September 2019 increased by 2.67% to US$1.76 billion, compared with US$1.72 billion in September 2018, which may be due to the devaluation of the rupee against the US dollar.
Imports in Pakistan fell by 13.90% in September 2019, from $4.39 billion to $3.78 billion. According to the bureau’s data on imports and exports, the country’s trade deficit decreased by 24.58%, from $2.673 billion to $2.016 billion in the same period last year.
From July to September 2019, the country’s exports increased by 2.75%, from $5.734 billion to $5.522 billion. At the same time, from July to September 2019, the imports reduced to $11.249 billion, compared to $14.165 billion in the same period last year.
According to the data released by PBS, the exports of Pakistan reduced to 5% in September 2019 against August 2019 as they were recorded to be $1.769 billion compared to $1.862 billion in August 2018.
On the other hand, the imports of Pakistan increased by 1.42%, from $3.732 billion to $3.785 billion. During the same period, the trade deficit increased by 7.81%, from US$1.87 billion to US$2.016 billion.
Abdul Hafeez Shaikh, who is the Advisor to the Prime Minister of Pakistan for Finance told in a tweet the government has achieved these positive results due to the stabilization in the country and good tax and trade policies adopted by the government.
As a result of the stabilisation measures, trade and tax reforms initiated by the Govt, we have achieved real progress last year to create a platform for sustainable development.pic.twitter.com/WIdnfOjq97
— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) October 11, 2019
What are your thoughts on the matter? Will this achievement bring any betterment in the economy of the country? Share your thoughts in the comment section below.