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Pak Trade Deficit Rises to $32b

Pak Trade Deficit Rises to $32bPak Trade Deficit Rises to $32b

Pakistan booked a record trade deficit of $32.6 billion in the last fiscal year after exports nosedived to a six-year low while imports surged to a historical level of $53 billion, the Pakistan Bureau of Statistics reported on Tuesday, APP reported. The government missed all of its trade sector targets for fiscal year 2016-17 that ended on June 30, which adversely affected its current account deficit projection and official foreign currency reserves. This also puts a question mark over the projections made at the time of budget making every year. The gap between imports and exports widened to $32.3 billion during July-June period of the previous fiscal year, according to PBS. It was 36.3% or $8.7 billion more than the preceding fiscal year. The trade deficit was also $12 billion higher than the government’s own target for fiscal year 2016-17, which can have adverse consequences for foreign currency reserves.

 

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