Pakistan’s 5mth FY14 trade deficit eases

Pakistan’s 5mth FY14 trade deficit eases

KARACHI: It's too early to judge whether the economic policies of the present government have started to bear fruit with the trade deficit of the country shrinking by 5.52 percent in the five months of fiscal year 2013-14 (FY14) as compared to the corresponding period of last fiscal. The Pakistan Bureau of Statistics’ data revealed that the country registered $7,743 million deficit during the period under review as against $8,195 million in the corresponding period of FY13.  On monthly basis, the country's trade deficit ballooned to a negative $1,847 million in December 2013 as compared to negative $1,417 million in October 2013, reflecting an increase of 30.35 percent. The story on yearly basis was no different, as the country registered a 7.95 percent increase in trade deficit to $1,847 million in November 2013 as against $1,711 million in November 2012. However, much needs to be done to increase the exports and decrease the imports of the country.
Exports: The exports during five months of FY14 rose by 3.10 percent to $10,367 million as compared with $10,055 million during the five months of FY13. On monthly basis exports of the country dropped to $1,804 million in November 2013 as compared with $1,864 million in October 2013, reflecting a decrease of 3.22 percent. On yearly basis also the exports fell by 4.85 percent to $1,804 million in November 2013 as compared to $1,896 million in November 2012.
Imports: Imports of the country declined by a slight 0.77 percent to $18,110 million as against $18,250 million. However, imports rose by 11 percent in November to $3,651 million as against $3,281 million in October.  Imports increased to $3,651 million on yearly basis in November 2013 as compared with $3,607 million in November 2012, showing a rise of 1.22 percent.  Exports of the country comprise four groups - food, textile, petroleum and coal, and other manufacturers. Imports comprise - food, machinery, transport, petroleum, textile, agriculture and other chemicals, metal and miscellaneous groups. Main commodities of exports during November 2013 were cotton cloth, knitwear, bedwear, readymade garments, cotton yarn, rice, jewellery, towels, made-up articles and leather tanned. Main commodities of imports during November 2013 were petroleum products, petroleum crude, palm oil, plastic materials, iron and steel, medicinal products, electrical machinery and apparatus, aircrafts, ships and boats, mobile phones, and other apparatus (telecom). 

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