Merchandise export up 11.11% in 7 months

F.P. Report

ISLAMABAD: The country’s export surged by 11.11 per cent during first seven months of fiscal year 2017-18 as compared to exports during same period of the preceding year.

The exports rose to $12.966 billion during July-January 2017-18 against the exports worth of $11.67 billion during same period of the year 2016-17, according to trade data released by Pakistan Bureau of Statistics.

The imports into the country also witnessed an increase of 18.92 per cent as it jumped to $34.512 billion in July-January 2017-18 from $29.18 billion in the same period of previous year.

The trade deficit during the period under review however, expanded by 24.18 per cent to $21.54 billion as compared to the trade deficit of $17.35 billion in first seven months of fiscal year 2016-17.

Surge in imports was mainly due to import of heavy machinery and other raw material for CPEC related industrial and energy sector projects in Pakistan which will have long term positive impact on national economy as due to construction of industries with the Chinese support, more export oriented value added products would be manufactured in the country.

On year-on-year basis, the country’s exports during January 2018 rose to $1.97 per cent from $1.77 billion in January 2017 thus registering an increase of 11.04 per cent.

Similarly import during the period under review also jumped to $5.6 billion from $4.7 billion in January 2017, posting an increase of 19.37 per cent. The trade deficit during January 2018 expanded by 24.44 per cent as it rose to $3.636 billion from $2.922 billion.

On monthly basis, the exports decreased by 0.3 per cent while the import increased by 14.2 per cent, thus expanding the trade deficit by 23.97 per cent.