ISLAMABAD, Feb 7: Foreign trade deficit soared by 24.19 per cent to $572.73 million during the first seven months of financial year 2002-03.

In Pakistan rupee, according to the provisional total figures of exports and imports, the trade gap expanded by 17.34pc to Rs35.67 billion.

Exports during the same period climbed up to $6.14 billion, up 19.08pc from the same period of 2001-02. In rupee, the exports totalled Rs321.82 billion, denoting a growth rate of 12.52pc of exports in local currency.

Thus the country has achieved a little over 59.05pc of the target of $10.4 billion for the current financial year. This leaves the exports somewhat ahead of the target by about $6.1 million at the end of the 7-month period under review.

That the trade deficit is nearly a quarter of that in the period July-January of 2001-02 is explained by a hefty 19.60pc increase in imports which totalled $6.85 billion. In rupee, the imports, standing at Rs403.97 billion, showing an increase of 13pc.

Further analysis of the figures indicates that 89.6pc of imports were covered by exports in July-January, 2002-03. This is about 0.4pc less than the proportion of imports covered by exports.

During the month of January 2003, the proceeds from merchandise exports by Pakistan amounted to $944.28 million, denoting an increase of 9.39pc over the preceding month. In local currency, the exports totalled $54.94 billion, which is 8.95pc more than of December 2002.

As compared to the corresponding period of previous year, the FBS figures depict a dramatic surge of 34.97pc increase in exports in dollars and of 30.44pc in rupee. Thanks to the quantum jump in exports, the country suffered a 28.45pc reduction in balance of trade ($169.37 million) in January 2003, as compared to preceding month. But the second factor in this was slower growth in imports (3.18pc).

The import bill during January, 2003 stood at $1.06 billion (Rs61.99 billion). As compared to January 2002, the trade deficit was lower by 21.9pc in January 2003 in dollars in spite of 24.65pc increase in imports.