Gold imports increase by 35.48%

F.P. Report

ISLAMABAD: The imports of gold increased by 35.48 percent during the fiscal year 2022-23 as compared to last year, Pakistan Bureau of Statistics (PBS) reported.

The gold imports during the July-June (2022-23) were recorded at $30.651 million as compared to the imports of $22.623 million during July-June (2021-22), according to the data.

In terms of quantity, Pakistan imported 496 kilograms of gold during the months under review as compared to the imports of 361 kilograms last year, showing growth of 37.40%.

Meanwhile on year-on-year basis, the gold imports into the country witnessed a decrease of 48.22 percent as these were recorded at $3.273 million in June 2023 against the imports of $3.641 million in June 2022.

In terms of quantity, the imports of the commodity declined by 11.86 percent, from 59 kilograms in June 2022 to 52 kilograms in June 2023.

Meanwhile, on month-on-month basis, the gold imports during June 2023 decreased by 4.33 percent when compared to the imports of $3.421 million in May 2023.

It is pertinent to mention here that the overall trade deficit witnessed a decline of 43.03 percent during the fiscal year 2022-23 as compared to the previous year (2021-22).

The trade deficit during July-June (2022-23) was recorded at $27.547 billion against the deficit of $48.354 billion in July-June (2021-22), a decline of 43.03 percent.

The exports during the period were recorded at $27.744 billion against $31.782 billion last year, showing a decline of 12.71 percent. On the other hand, the imports witnessed a sharp decline of 31 percent by falling from $80.136 billion last year to $55.291 billion during the fiscal year 2022-23. (APP)