ISLAMABAD  - Pakistan would miss the trade deficit target during outgoing financial year 2013-14 by huge margin despite exports have surpassed the imports.

Pakistan’s trade imbalance has recorded at $16.108 billion during first ten months (July-April) of the outgoing fiscal year 2013-14. Meanwhile, the government’s target for the trade imbalance is $16.7 billion. Therefore, the government would definitely miss the target, as deficit would go beyond $20 billion by the end of June 2014 against the target of $16.7 billion.

The country’s trade imbalance has recorded at $16.108 billion during July-April FY2014 against $16.52 billion of the corresponding period last year. The trade deficit, gap between exports and imports, was $414 million or 2.5 percent less than the gap recorded in the corresponding period of previous fiscal year, showed the data of Pakistan Bureau of Statistics (PBS) on Friday. The PBS figures showed that country’s exports have recorded growth of 4.24 percent during ten months (July-April) of the outgoing financial year 2013-14, as it exported goods worth of around $21 billion in the period under review against $20.14 billion of the corresponding period last year. On the other hand, country’s imports have increased by 1.2 percent, as imports stood at $37.11 billion in July-April of FY2014 against $36.67 billion of the same period previous year.

The government has estimated $16.7 billion trade deficit during current financial year 2013-14 as exports estimated at $26.6 billion against imports $43.3 billion. Meanwhile, the IMF targeted $16.3 billion trade deficit for the ongoing fiscal year. However, Pakistan’s trade deficit has already reached the targeted level despite constant growth in country’s exports against the imports that grew at lesser pace. According to the PBS figures, exports went down by 14.47 percent in April 2014 as against exports of its preceding month of March. Exports have recorded at $1.925 billion in April 2014 compared to $2.239 billion of March 2014. However, imports have recorded growth of 12.04 percent, as it registered at $4.067 billion in April 2014 against $3.63 billion of March 2014. Trade imbalance has recorded at $2.152 billion in April 2014 compared to $1.391 billion of March 2014, showing a growth of 54.71 percent.

The PBS figures showed that country’s exports have decreased by 9.97 percent in April 2014 from same period of last year. Exports stood at $1.915 billion in April 2014, which were $2.127 billion in April 2013. Imports went up by 4.04 percent, as it recorded at $4.067 billion in April 2014 against $3.909 billion of April 2013. The trade deficit for April 2014 against April 2013 increased by 20.76 percent and was recorded at $2.152 billion.