ISLAMABAD, Oct 6: Pakistan's trade deficit soared by 482.6 per cent during the first quarter (July-September) period of the current fiscal year over the same period of last year.

Official figures compiled by the Commerce Ministry showed that the trade deficit stood at $839 million during the period under review as against $144 million during the same period last year.

On monthly basis, the trade deficit increased by 587.2 per cent to $268 million during September 2004 as against $39 million during the same month last year.

Secretary commerce, Tasneem Noorani told Dawn that the increase registered in the trade deficit was due to massive imports of manufactured raw materials and semi- manufactured raw materials for its subsequent use in the industrial production.

He said this indicates that industrial production would register more growth in the up coming months. He said that consumable products imports registered no tangible growth in September 2004.

Mr Noorani said that increase in the prices of crude oil in the international market also resulted into increasing the import bill. He said that there was nothing to be worried as the growth in raw materials, machinery for construction sector, intermediate products to be used in exportable products was a positive sign.

Further break up of the statistics showed that the exports during July-September period this year stood at $3.469 billion as against $2.968 billion during the same period last year, registering an increase of 16.9 per cent. The percentage achievement during July-September, 2004-2005 was 25.3 per cent of the export target of 2004-2005.

Pakistan's imports during the period under review has increased to $4.308 billion this year from $3.112 billion in July-September 2003-2004 registering an increase of 38.4 per cent.

Exports as percentage of imports decreased to 80.5 per cent during July-September 2004-2005 as compared to 95.4 per cent during July-September 2003-2004. On monthly basis, exports during September 2004 increased by 6.7 per cent to $1.109 billion as against $1.039 billion during the same month last year.

However, imports during the month under review increased by 27.7 per cent to $1.377 billion from $1.078 billion during September 2003. Exports as percentage of imports decreased to 80.5 per cent during September 2004 from 96.4 per cent during September 2003.