Gold imports up by 44.22 per cent in 11 months

F.P. Report

ISLAMABAD: The gold imports increased by 44.22 percent during the past eleven months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The gold imports during the July-May (2022-23) were recorded at $27.377 million as compared to the imports of $18.983 million during July-May (2021-22), according to the data.

In terms of quantity, Pakistan imported 437 kilograms of gold during the months under review as compared to the imports of 302 kilograms last year, showing growth of 44.70 percent.

Meanwhile on year-on-year basis, the gold imports into the country witnessed an increase of 250.55 percent as these were recorded at $3.421 million in May 2023 against the imports of $0.976 million in May 2022.
In terms of quantity, the imports of the commodity declined by 271.43 percent, from 14 kilograms in May 2022 to 52 kilograms in May 2023.

Meanwhile, on month-on-month basis, the gold imports during May 2023 increased by 537.06 percent when compared to the imports of $0.537 million in April 2023.

In terms of quantity, the gold imports increased by 550 percent in May 2023when compared to the imports of 8 kilogram registered in October.

It is pertinent to mention here that the overall trade deficit witnessed a decline of 40.59 percent during the first eleven months of the current fiscal year as compared to the corresponding period of last year.

The trade deficit during July-May (2022-23) was recorded at $25.791 billion against the deficit of $43.409 billion in July- May (2021-22), a decline of 40.59 percent.

The exports during the period were recorded at $25.366 billion against $28.871 billion last year, showing a decline of 12.14 percent.

On the other hand, the imports witnessed a sharp decline of 29.22 percent by falling from $72.280 billion last year to $51.157 billion during the current fiscal year, PBS reported. (APP)