ISLAMABAD - Pakistan’s trade deficit has recorded at $21.271 billion during the previous financial year (July2011-June2012) against the government-estimated target of around $14 billion for the period under review.

According to latest figures released by Pakistan Bureau of Statistics (PBS) on Tuesday, the country trade deficit has recorded at $21.271 billion in last fiscal year (July 2011-June 2012) period as against $15.604 billion of July 2010-June 2011 showing a huge increase of over 36 per cent in just one year. The trade deficit had crossed the annual target of $13.5 to $14 billion in the last fiscal year.

The PBS figures showed that country’s exports had recorded negative growth of over four per cent during the previous financial year, as it had recorded at $23.641 billion in the period under review against the $24.810 billion of same period last year. On the other hand, country’s imports had increased by 11.13 per cent in one year, as it has recorded at $44.912 billion in July 2011-June2012 period against $40.414 billion of July 2010-June2011. Therefore, the trade deficit remained at higher side of $ 21.271 billion in July 2011-June 2012 against $15.604 billion of same period last year.

The Commerce Ministry officials held international economic situation responsible for the widening trade deficit of the country, as according to them prices of importable commodities like oil is on the increasing trend in international market contrary to the declining prices of our exportable goods. The analysts also said that on one side, prices of textile commodities had decreased in international market, which reduced the country’s exports level, while on the other side, oil prices had increased in international market led to enhance the import bill of the country. 

Meanwhile, according to the PBS figures, the overall exports growth went down by 0.83 per cent in June 2012 if compare with the exports of May 2012. The country exported good worth of $2.141 billion in June 2012 against the $2.159 billion of May 2012. However, the imports have went up by 2.26 per cent in June 2012 against the May 2012, as the country imported good worth of $ 3.979 billion during the last month as compare to $ 3.891 billion of May 2012. Therefore, the country’s trade imbalance increased by 6.12 per cent in June 2012 against the May 2012. The country’s trade deficit has recoded at $1.838 billion in June 2012 against the $ 1.732 billion of the May 2012.

According to the PBS figures, exports stood at $2.141 billion in June 2012, which were $2.422 billion in June 2011 and this showed 11.60 per cent decline in exports in one year. Imports had increased by 3 per cent and totalled to $3.979 billion in June 2012 against $3.891 billion of June 2011. The trade deficit for June 2012 against June 2011 increased by 27.55 per cent and recorded at$ 1.838 billion.