Gold imports increase by 4.78% in first half

F.P. Report

ISLAMABAD: The gold imports into the country increased by 4.78 percent during the first half of the current financial year (2019-20) as compared to the corresponding period of last year.

Pakistan imported gold worth $9.168 million during July-December (2019-20) compared to the imports of $8.750 million during July-December (2018-19), showing growth of 4.78 percent, according to the Pakistan Bureau of Statistics (PBS).

In terms of quantity, the country imported 223 kilograms of gold during the period under review compared to the same quantity of imports during last year, hence no change in terms of percentage.

Meanwhile, on year-on-year basis, the gold imports into the country during December 2019 witnessed increase of 85.28 percent when compared to the imports of the same month of the last year.

The gold imports during the months under review were recorded at $1.725 million against the imports of 0.931 million during December 2018. On month-on-month basis, the gold imports during December 2019 witnessed decreased of 3.95 percent when compared to the imports of $1.1976 million in November 2019, the data revealed.

It is pertinent to mention here that the country’s merchandise trade deficit plunged by 33.67 percent during the first six months of the current fiscal year (2019-20) as compared to the deficit of the same month of last year.

The trade deficit during July-December (2019-20) was recorded at $ 11.628 billion against the deficit of $16.771 billion during July-December (2018-19), the data revealed. The exports during the period increased from $ 11.181 billion during last year to $11.535 billion during the current fiscal year, showing growth of 3.17%.

On the other hand, the imports into the country witnessed decline of 17.13 percent by falling from $ 27.952 billion last year to $23.163 billion during the current fiscal year, the data revealed.