ISLAMABAD, July 5: Merchandise exports of Pakistan during the financial year 2002-03 stood at $11.03 billion (Rs644.80 billion), crossing the psychological barrier of $10 billion for the first time in the country’s history.

Denoting a growth rate of 20.76 per cent as compared to 2001- 02, according to the foreign trade statistics released by the Federal Bureau of Statistics here on Saturday, the exports performance was remarkable also because it beat the target of $10.4 billion for the year under review by about 6.06pc ($630.54 million).

The improved exports also cast their salutary effect on trade deficit, which stood at $1.15 billion (Rs67.53 billion). Still considerable though, it registered a decline of 4.19pc in US dollar and of 8.34pc in rupee over the previous year.

Although the imports too surged very high, amounting to $12.18 billion (Rs712.34 billion), the rate of their acceleration, as compared to exports, was lower - 17.85pc - facilitating the sharp drop in trade deficit. In Pak rupee though, the imports recorded a growth rate of 12.24pc.

The exports also improved their ratio to imports during the period under review. Thus the fraction of imports covered by exports rose to 90.52pc, as against 88.34pc during 2001-02.

The month of June, 2003, the FBS data further showed, scored an increase of 17.66pc over the corresponding period of previous year with exports totalling $1.13 billion. In Pak currency, exports during that month stood at Rs65.52 billion - 13pc more than June, 2002.

Thus the trade gap also fell 258.47pc to minus $17.32 million. At work was the same phenomenon - lower growth of imports at 14.57pc as compared to June 2002.

According to FBS data, the imports stood at $1.11 billion (Rs64.52 billion) in the final month of 2002-03. In rupee, the imports went up by 10.03 per cent over the corresponding period of previous year.

As compared to May 2003, the month of June 2003, was marked by slower growth in exports - 8.11pc in US dollars and 8.13pc in rupee. But imports registered an increase of 15.21pc and 15.24pc in US dollar and rupee, respectively.