ISLAMABAD: Pakistan’s trade deficit doubled to $24.79 billion during the first half (July-December) of the current fiscal year 2021-22 from $12.36 billion in the same period of the last financial year. The import bill of the country surged by 63 percent to $39.91 billion during the first half of the current fiscal year as compared to $24.47 billion in the same half of the last fiscal year, according to data shared by Arif Habib Limited. The exports registered a growth of 25 per cent to $15.13 billion during the first six months of the current fiscal year as compared with $12.11 billion in the corresponding months of the last fiscal year. The trade deficit for the month of December 2021 contracted by 18 percent to $4.14 billion as compared with $5.03 billion in November 2021. TLTP
Import bill of the country declined by 13 percent to $6.9 billion in December 2021 as compared with $7.93 billion in November 2021. Meanwhile exports of the country also fell by five percent to $2.76 billion in December 2021 as compared with $2.9 billion in November 2021.
Meanwhile, Adviser to the PM on Commerce and Investment Abdul Razak Dawood announced on Sunday that the trade deficit during the month of December declined by 17 percent on a month-on-month basis to $4.14 billion as compared to $5.02 billion in the previous month as imports weakened by $1bn on a month-on-month basis to $6.9 billion.
In a series of tweets, he said, “Early indications are that the growth in imports has started to decrease. Imports during Dec 2021 decreased to $6.9bn as compared to $7.9bn in Nov 2021. This is a decrease of $1bn.” The import projection for December 2021 was $6.2 billion, he added. However, on a yearly basis, the trade deficit in December 2021 jumped by 57 percent from $2.64 billion in December 2020.
On the export front, he shared that during December 2021, Pakistan’s exports increased by 16.7 percent on a year-on-year basis to $2.761 billion as compared to $2.366 billion in December 2020. However, on a monthly basis, exports shrank by 5 percent from $2.9 billion in the previous month. The export target for December 2021 was $2.8 billion.
He said that cumulatively during the first half of the current FY (July-December 2021), exports increased by 25 percent to $15.125 billion as compared to $12.11 billion during July-December 2020. The export target for the first half of the current fiscal year was $15 billion, he added.
He said that imports from July to December were recorded at $39.91 billion against $24.47 billion in the corresponding period last year, marking a growth of 63 percent on a yearly basis.
Dawood said that the government will share further details on categories of exports and imports during December 2021 as soon as these are compiled.
