| |
Trade gap narrows to $2.03
billion
Staff Reporter
Islamabad—Pakistan’s trade deficit narrowed to $2.03 billion in
March from $2.104 billion in February, but remained almost double
the year ago level, a commerce ministry source said on Friday. The
deficit stood at $1.09 billion in March last year.
Exports stood at $1.78 billion in March this year, up from $1.52
billion in March 2007. Imports increased to $3.82 billion compared
with $2.62 billion in the same period last year. The Federal Bureau
of Statistics has yet to release the figures officially. Trade
deficit for the first nine months of the fiscal year 2007/08 to
March reached $14.48 billion, almost $1 billion more than for the
whole of 2006/07 , according to the official.
For the July-March period, exports were worth $13.47 billion against
$12.43 billion in the corresponding period of last year. Imports
increased to $27.96 billion against $22.42 billion imports in the
same period last year.
The full breakdown of trade for March was not available, but in the
July-February period finished good exports, including sports,
leather and surgical items, was up 33.68 percent to $2.21 billion
and food exports increased by 9.36 percent to $1.36 billion. Cotton
and textile exports, that account for nearly 60 percent of
Pakistan’s exports, fell by nearly 3 percent to $6.83 billion in the
first eight months of the year to February. Textile traders say
rising input costs and low production of domestic cotton are eroding
competitiveness.
Imports of raw cotton and other textile products posted the heaviest
62.97 percent increase to $1.60 billion in July-February period.
Petroleum products imports were up 33.68 percent to $6.33 billion
from $4.74 billion in the first eight months of the 2007/08 fiscal
year. Pakistan, which produces just over 65,000 barrels of oil a
day, relies heavily on imported oil.
|
