Pakistan’s Trade Deficit Widens by 34% in FY2021

The country’s trade deficit had widened by 34.10 percent to $31.057 billion during the fiscal year (July-June) 2020-21 as compared to $23.159 billion during the same period of 2019-20, according to the Pakistan Bureau of Statistics (PBS). The trade data released by the PBS shows that Pakistan’s exports had grown by 18.11 percent to $25.268 billion during July-June 2020-21 from $21.394 billion against the corresponding period last year. The imports had increased by 26.42 percent to $56.325 billion during 2020-21 as compared to 2019-20 when they were recorded at $44.553 billion. ALSO READ Govt to Criminalize Hiding Your Real Income The exports had increased by 61.10 percent on a month-on-month (MoM) basis and had stood at $2.692 billion in June 2021 against $1.671 billion in May. The imports had grown by 18.43 percent in June 2021 and had remained at $6.286 billion as compared to $5.308 billion in May. The trade deficit had narrowed by 1.18 percent in June 2021 and had remained at $3.594 billion as compared to $3.637 billion in May. ALSO READ Pakistani Startups Attract Record Funding in H1 2021 Pakistan’s trade deficit had widened by a massive 70.82 percent on a year-on-year (YoY) basis to $3.594 billion in June 2021 as compared to $2.104 billion in June 2020. The trade figures show that the country’s exports registered a 68.36 percent increase in June 2021 and stood at $2.692 billion as compared to $1.599 billion in June 2020. The imports remained at $6.286 billion in June 2021 as compared to $3.703 billion in June 2020, registering a growth of 69.75 percent.