World Economy

Pak Trade Deficit at Record High

Pak Trade Deficit at Record HighPak Trade Deficit at Record High

Pakistan’s trade deficit increased by 42% year-on-year when reaching a $29.9 billion record in the first 11 months of the current fiscal year (July-May), reported the National Bureau of Statistics, APP reported. According to the institution, the rise is motivated by a strong increase in imports and the fall in exports. Last month, the deficit reached $3,465 million, 61% more than in the same period last year. From July to May, import spending increased by 20.6% to reach $48.54 billion, while exports fell to 3.3% when standing at $18.540 billion. The ministry of finance had set a $20 billion trade deficit, but according to these data the figure was a third higher.



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