ISLAMABAD, Sept 11: Pakistan’s trade deficit witnessed a robust growth of 23.97 per cent to $1.270 billion in August 2007 as against $1.025 billion over the same month of the last year.
This unexpected increase in the trade deficit occurred due to surge in imports of commodities and decline in exports proceeds during the month under review over the last year.
However, the first month (July) of the current fiscal year had witnessed a modest decline of 2.59 per cent in the trade deficit as a result of very nominal increase in imports and exports grew at slightly higher rate.
Official figures released on Tuesday showed that due to decline in exports in August the overall trade turned into deficit from surplus in the first two months of the current fiscal over the last year.
The trade deficit increased by 10.12 per cent to $2.359 billion during July-August of the fiscal 2007-08 as against $2.143 billion over the same months last year.
The government for the first time has not projected any estimates for import bill this year. The trade deficit recorded in the year 2006-07 was more than $13 billion as against the projected trade deficit of $9.4 billion for the same year.
The export proceeds declined by 1.43 per cent in Aug 2007 as it stood at $1.477 billion as against $1.498 billion over the same month of the last year. A double digits growth was recorded in July 2007, which was unexpected as against the average growth of three per cent in the whole year of 2006-07.
In the first two months (July-Aug) export proceeds stood at $2.963 billion as against $2.840 billion over the same months of the last year, indicating a growth of 4.31 per cent.
The government has projected a target of $19.2 billion for the year 2007-08.
Imports climbed by 8.89 per cent to $2.747 billion in August 2007 as against $2.523 billion over the corresponding month of the last year.
According to the statistics, the current two months import bill reached $5.322 billion up by 6.81 per cent from $4.983 billion over the same months of the last year.
