{"id":10182,"date":"2021-05-06T09:53:35","date_gmt":"2021-05-06T09:53:35","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=10182"},"modified":"2021-05-06T09:53:35","modified_gmt":"2021-05-06T09:53:35","slug":"trade-deficit-widens-to-23-8b-in-10-months","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/06\/trade-deficit-widens-to-23-8b-in-10-months\/","title":{"rendered":"Trade deficit widens to $23.8b in 10 months"},"content":{"rendered":"

ISLAMABAD: <\/strong>Pakistan\u2019s trade deficit widened to $23.8 billion and exceeded the annual target by $4.1 billion in 10 months of the current fiscal year, posing a challenge to the government that wanted to kick-start the economy but was not getting help from the export sector.<\/p>\n

During the July-April period of the current fiscal year, imports exceeded exports by $23.8 billion, reported the Pakistan Bureau of Statistics (PBS) on Wednesday.<\/p>\n

For the current fiscal year, the government had set the trade deficit target at $19.7 billion, which was busted in just 10 months because of no major improvement in exports.<\/p>\n

\"Trade-deficit-widens-to-$23.8b-in-10-months-rapidnews-dailyrapid\"<\/p>\n

The deficit was higher by $3.9 billion or 21.6% over the same period of previous year.<\/p>\n

Exports increased to $20.9 billion in July-April FY21 compared to $18.4 billion in the same period of last year, according to the national data collecting agency. There was an increase of 13.5% or $2.5 billion in exports in 10 months, but it was not sufficient to bridge the yawning gap created by imports.<\/p>\n

Imports during the July-April period increased 17.7% to $44.7 billion, higher by $6.7 billion. The government had set the annual imports target at $42.4 billion, which was already exceeded by $2.3 billion with two months remaining before the close of fiscal year.<\/p>\n

\u201cExport sector is not competitive and is still a family business that often leads to division of assets after every two generations,\u201d said Finance Minister Shaukat Tarin. He said that there was a need to consolidate the export sector to bring foreign direct investment to the sector.<\/p>\n

The new finance minister wants to propel economic growth that has remained subdued in the first three years of Pakistan Tehreek-e-Insaf (PTI) government. The government had been forced to adopt fiscal stabilisation policies after it inherited a current account deficit of $19 billion.<\/p>\n

However, it could not increase exports in the past almost three years and resultantly the trade deficit was again widening, which could make it challenging for the government to implement pro-economic growth policies without triggering another external sector crisis.<\/p>\n

A study by the Pakistan Institute of Development Economics says the country needs to grow at a rate of 7% to 9% to create jobs for new entrants and reduce the unchecked public debt. However, an Asian Development Bank study says the economy may face headwinds, if growth constantly remains above 3.8% without fixing the structural bottlenecks.<\/p>\n

The government has already missed the annual export target in its first two years. For the current fiscal year, it has set the export target at $22.7 billion.<\/p>\n

Pakistan\u2019s exports have long remained around $2 billion per month and the trend has not significantly changed despite excessive currency depreciation during the PTI government\u2019s tenure.<\/p>\n

During the Pakistan Muslim League-Nawaz (PML-N) tenure, exports had peaked at $2.3 billion a month and then dropped below $2 billion.<\/p>\n

On a month-on-month basis, exports shrank 7.2% to $2.2 billion in April over March, according to the PBS. There was a reduction of $171 million in export receipts in April 2021 compared to the preceding month, it added.<\/p>\n

Imports also dipped 8.3% month-on-month and stood at $5.2 billion last month. In absolute terms, there was a reduction of $472 million in the import bill over March. As a result, the trade deficit contracted over 9% last month.<\/p>\n

On an annualised basis, exports in April amounted to $2.2 billion, which were higher by 129% or $1.3 billion over last year\u2019s exports, when global trade was closed in the aftermath of the first wave of the Covid-19 disease.<\/p>\n

Imports also increased 62% to $5.2 billion last month on a year-on-year basis. In absolute terms, the imports increased $2 billion.<\/p>\n

Resultantly, the trade deficit widened 33% in April 2021 on a year-on-year basis. The gap between imports and exports remained at $3 billion last month, a jump of $747 million compared to a year ago.<\/p>\n","protected":false},"excerpt":{"rendered":"

ISLAMABAD: Pakistan\u2019s trade deficit widened to $23.8 billion and exceeded the annual target by $4.1<\/p>\n","protected":false},"author":1,"featured_media":10184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-10182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nTrade deficit widens to $23.8b in 10 months | Rapid News<\/title>\n<meta name=\"description\" content=\"Pakistan\u2019s trade deficit widened to $23.8 billion and exceeded the annual target by $4.1 billion in 10 months of the current fiscal year,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/06\/trade-deficit-widens-to-23-8b-in-10-months\/\" \/>\n<meta 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