Falling exports push Pakistan’s trade deficit to record high

Goraya

ISLAMABAD: Pakistan’s trade deficit has surpassed a monumental record high of $20 billion during the eight months of the ongoing fiscal year, according to Pakistan Bureau of Statistics (PBS).

The deficit is $5 billion higher than the deficit recorded last year for the same period and it is reported to account for a 34% increase.

Pakistan’s growing trade deficit is due to decreasing exports, lower foreign direct investment and increasing imports.

While Pakistan’s exports stood at $13 billion during the seven months of ongoing fiscal year, it imports reached a record high of $33.5 billion, an increase of 16%.

The ongoing instability in the country coupled with the closure of Pak-Afghan border may have contributed to the decreasing exports to Afghanistan, one of the biggest importers of Afghanistan.