Trade deficit widens 21% to $2.6b
Increase comes on back of rising imports to support industrial, agricultural activities
Cumulatively, in first seven months of current fiscal year, the trade deficit widened over 8% to $14.96 billion compared to $13.82 billion in the same period of last year. PHOTO: FILE
Pakistan’s trade deficit - the gap between imports and exports - widened 21% to $2.6 billion in January 2021 mainly due to acceleration in imports to support industrial and agricultural activities which were a must to expand overall economic activities in the country.
The trade deficit stood at $2.15 billion in January 2020, the Pakistan Bureau of Statistics (PBS) reported on Monday.
Experts are divided whether a significant growth of 25% in Pakistan’s imports in a single month is sustainable as imports are expected to remain high and heighten payment pressure ahead of the reopening of export markets.
KARACHI: Pakistan recorded a current account deficit of $662 million in December, after remaining in surplus for the last five months, mostly on the back of higher imports, the central bank data.
KARACHI: Businesspersons on Tuesday urged the Prime Minister to extend Temporary Economic Refinance Facility for industrial sector for another year to boost investment in new projects and expansion.