ISLAMABAD, June 6: Pakistan incurred a deficit of $1.17 billion (Rs68.38 billion) in foreign trade during the first 11 months of the current financial year, the aggregate export-import figures compiled by the Federal Bureau of Statistics showed.

This is 2.08 per cent (and 6.36 per cent in rupee terms) below the trade deficit sustained during the corresponding period last year.

The period of July-May, 2002-03, saw a continued buoyancy in exports, which amounted to $9.89 billion (Rs579.07 billion), registering a growth rate of 21.08 per cent. Due to rupee appreciation, the growth rate in Pak currency comes to 15.13 per cent.

Consequently, exports at the end of May were less than five per cent short of the target of $10.34 billion for 2002-03 while the exports/imports ratio stood at 89.43 per cent, up 2.18 per cent against figures for the corresponding period last year.

Imports during the period under review increased by 18.12 per cent to stand at $11.06 billion or Rs 647.45 billion, posting an increase of 12.41 per cent in rupee terms.

However, viewed from another angle, the growth of exports was much lower — 5.63 per cent — during May 2003, by comparison with April, 2003.

Exports during the 11th month of the current financial year amounted to $1.05 billion, approximately Rs60.38 billion.

But compared to May, 2002, exports surged by 23.62 per cent in dollar terms and by 18.69 per cent in rupee terms.

So far as the imports were concerned, these amounted to $9.64 billion (Rs55.62 billion), registering a decline of 9.78 per cent (minus 9.85 per cent in rupee terms) from figures for April, 2003 and 13.92 per cent (minus 17.34 per cent in rupee terms) from the corresponding period last year.