ISLAMABAD, March 6: Trade deficit jumped by 28.24 per cent to $841.19 million during the 8-month period, July-February 2002-03, as compared to the corresponding period of previous year.

In rupee term, according to the provisional aggregate foreign trade figures released by the Federal Bureau of Statistics, the country suffered a trade deficit of Rs49.40 billion, 21.44 per cent more than the last year.

The exports during the period under review stood $6.92 billion, denoting an increase of 19 per cent over the same period of previous year. The buoyancy of exports was, however, more than matched by the imports which grew by 19.94 per cent to $7.76 billion. This resulted in the sharp spurt in trade gap.

In rupee term, the exports stood at Rs407.11 billion, registering an increase of 12.71 per cent, while imports were Rs456.51 billion, 13.59 per cent more than the corresponding period of previous year.

Thus at the end of 8-month period under review, the country found itself still short of the target for the period by $16.72 million on the basis of the projection of $10.4 billion for the year 2002-03.

Another disturbing aspect is the decline in the proportion of imports covered by exports. During the period under review, exports accounted for 89.16 per cent of imports. This is 0.70 per cent less than the part of imports paid for by exports.

In February 2003, according to FBS figures, the exports stood at $772.577 million, down 18.38 per cent from the same period of previous year. In rupee terms, the exports were Rs44.87 billion, denoting a decline of 18.52 per cent from January 2003.

The imports in Feb 2003 were $917.11 million equivalent to Rs53.27 billion. It meant 12.91 per cent decrease in dollars and 13.06 per cent decrease in rupee terms, as compared to Jan 2003.

As against February 2002, the exports registered an increase of 17.98 per cent in dollars and of 13.90 in rupee. The imports too were up by 24.26 per cent in dollars and 19.96 in rupee. Thus in February 2003 alone, the trade gap shot up to $144.54m — 73.70 per cent more than in the corresponding month of previous year.