Exports Fall by 20.89 percent in August 2020 Thanks to Monsoon Rains - Android

The country’s exports declined by 20.89 percent to $1.583 billion in August 2020 compared to $2.001 billion in July 2020,… Read More

The post Exports Fall by 20.89% in August 2020 Thanks to Monsoon Rains appeared first on .

The country’s exports declined by 20.89 percent to $1.583 billion in August 2020 compared to $2.001 billion in July 2020, said the Pakistan Bureau of Statistics (PBS).

However,  PBS has once again contradicted the trade figures released by the Commerce Ministry as there is a huge difference in exports, imports, and trade balance figures for July-August 2020 released by the two with a one day gap.

Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood took to Twitter and later an official statement was issued stating that the country’s exports have posted a downfall of 19.5 percent to $1.586 billion in August 2020 as compared to $1.969 billion in the corresponding month of last year.

During the same month, imports also dropped by 20 percent, in dollar value terms to $2.968 billion as compared to $3.710 billion in August 2019, the ministry added.

However, according to PBS, exports declined by 14.8 percent to $1.583 billion in August 2020 as compared to $1.858 billion in the corresponding month of last year.

Further, imports declined by 11.85 percent to $3.279 billion as compared to $3.720 billion in August 2019.

According to the Commerce Ministry, the overall trade balance has improved by 20.6 percent in August 2020, as compared to the same month last year.

The ministry, however, has not shared any data of cumulative trade of two months (July-August) 2020-2021.

According to PBS, imports declined by 11.07 percent to $3.279 billion in August 2020 compared to $3.687 billion during the same period of last month.

The trade deficit, which was $1.686 billion in July 2020, has increased by 0.59 percent to $1.696 billion in August 2020.

According to the PBS data, exports declined by 4.27 percent in the first two months of the current fiscal year (July-August) to $3.584 billion compared to $3.744 billion during the same period of the last year.

Further, imports declined by 6.28 percent to $6.966 billion in the first two months of the current fiscal year 2020-2021 as compared to $7.433 billion during the same period of last year.

The trade deficit, which was $1.862 billion in August 2019-2020 reduced to $1.696 billion in August 2020-2021, showing an 8.92 percent improvement in the trade balance.

Comparatively, the trade deficit was $3.689 billion in July-August 2019-2020 which has reduced to $3.382 billion in July-August 2020-2021, showing an 8.32 percent improvement.

The post Exports Fall by 20.89% in August 2020 Thanks to Monsoon Rains appeared first on .