Pakistan’s Trade Deficit Fell by 33.5 percent in July-October 2019 - Android

For the first time in fifteen years, exports are rising with imports decreasing simultaneously. Pakistan’s trade deficit over the first… Read More

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For the first time in fifteen years, exports are rising with imports decreasing simultaneously.

Pakistan’s trade deficit over the first four months of the fiscal year 2019-20 decreased significantly by 33.5%, according to a report by the Ministry of Commerce. The government’s battle against the trade deficit is finally bearing fruit, as the trade deficit went down for the fourth month in a row.

The trade deficit fell to $7.8 billion during July-October of FY19-20 as compared to $11.70 billion during the same period last year.

Abdul Razak Dawood, Advisor to Prime Minister for Commerce, Textile, Industry, and Production said that trade stats for Jul-Oct 2019 indicate that annual trade deficit may decrease by $12 billion to $19 billion (from $31 billion) in 2019-20.

”With this, coupled with workers remittances, will positively address our Current Account Deficit woes,” he added.

Trade stats for Jul-Oct 2019 indicate that annual trade deficit may decrease by USD 12 billion to USD 19 Billion (from 31 $ billion) in 2019-20. This, coupled with workers remittances, will positively address our Current Account Deficit woes. #PakistanMeansBusiness pic.twitter.com/yFfpaVfhfZ

— Abdul Razak Dawood (@razak_dawood) November 1, 2019