Pak Trade Deficit to Widen

Pakistan’s trade deficit is likely to swell to record $36 billion during current fiscal year (FY2018) due to massive increase in imports as compared to the exports, APP reported. Country’s imports are expected to reach $60 billion as against exports of $24 billion during ongoing financial year. Trade deficit of $36 billion would be highest ever trade deficit of the country, breaking previous year’s record of $32.6 billion. Trade deficit is increasing due to the massive growth in imports. The trade deficit would be much higher than the government’s estimates. The annual planning coordination committee early this week had estimated trade deficit at $28.6 billion. The government expects exports to go up to $24.5 billion while imports are targeted at $53.1 billion this fiscal year. However, the imports could increase sharply keeping in viewing the current trend. The country’s imports were recorded at $44.4 billion during first nine months (July to March) of the FY2018, which were 15.7% higher than the imports of the corresponding period of the last fiscal year.