Exports up by 9.6pc in Nov, trade deficit shrinks by 35pc

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Islamabad

The country’s exports during November 2019 recorded an increase of 9.6 percent as compared to same month of the preceding year.
The exports of commodities from the country increased from $1.843 billion in November 2018 to $2.02 billion in the corresponding month of 2019, sources in ministry of commerce said. On the other hand imports in the month fell sharply by over 17 percent to $3.815 billion against $4.626 billion in November 2018.
The trade deficit during the month also shrank significantly by 35.5 percent. The trade deficit in November 2018 was recorded at $2.783 billion whereas during November this year the numbers fell to $1.795 billion.
Similarly the average exports during first five months (July-November) of fiscal year 2019-20 also witnessed an increase of 4.8 percent as it grew to $9.55 billion from $9.113 billion in July-November 2018-10.
The imports during the period under review fell drastically by 19.27 percent as the imports during first five months of current fiscal year were recorded at $19.046 billion against $23.6 billion worth of imports during same period of last year.
The trade balance during first five months of current fiscal year also shrank by 34.42 percent to $9.496 billion from $14.479 billion in July-November 2018-19.
Meanwhile in a tweet, Advisor to Prime Minister on Commerce, Investment and Production Abdul Razak Dawood commended the exporters and commerce team for their positive role in such development.
“Alhamdolillah! Pakistan’s exports in Nov 2019 have once again crossed USD 2 billion mark. Hats off to our exporters and the team at ministry of Commerce. Exports increased by 9.6% compared to 2018. Trade deficit/balance has shrunk by USD 988 million in Nov-19 and by USD 5billion in 5 months,” he added.—APP