ISLAMABAD, Feb 7: Foreign trade deficit rose further to $974.17 million (Rs55.99 billion) during the first seven months of 2003-04, over the corresponding period of previous year.

According to the aggregate trade figures released by the Federal Bureau of Statistics belatedly due to prolonged Eid holidays, this means an increase in trade imbalance of 39.84 per cent in dollars and of 36.54 per cent in rupee, as compared to the period July-January (2003-04) in dollar terms.

In absolute terms, the gap between exports and imports widened by nearly $278 million.

Exports during the period under review amounted to $6974.43 million, up 13.52pc from the same period of previous financial year. In Pakistani currency, the exports (Rs401.57 billion) rose by 10.86pc.

The positive performance of exports sector was, however, offset by 16.20pc increase in imports. These stood at $7948.60 million (Rs457.55 billion). In Pakistani currency, the exports surged by 13.47pc.

Consequently, the ratio of exports to imports declined substantially during the period under review to 87.74pc. During the same period 2002-03, the fraction of imports covered by exports had stood at 89.82pc.

Nevertheless, the exports had achieved over 62.27pc of the annual target of $11,200 million. This is ahead of the target by nearly 4pc for the seven-month under review.

During the month of January 2004, the country suffered a trade deficit of $250.88 million (Rs14.40 billion), because of comparatively sluggish performance. As compared to December 2003, exports ($1093.40 million) went up buy 4.62pc both in dollars and rupee (Rs62.76 billion).

As compared to the corresponding period of 2002-03, however, the exports registered an increase of 15.52pc in dollars and of 13.96pc in rupee. But the balance of trade in January 2004, increased by 132.31pc over January 2003 in rupee and by 135.45pc in dollars.

As regards imports, these amounted to $1344.28 million (Rs77.16 billion) in January 2004, up by 1.55pc (1.56pc in rupee), as compared to the previous month. As against corresponding period of previous year, the imports were up by 25.93pc in rupee and by 27.65pc in dollars.