Pak trade deficit decreased by 12 pct

Indeed, a good news comes from Pakistani foreign trade for current account that Pakistan’s trade deficit narrowed by 12 percent during first seven months (July to January) of the current fiscal year mainly due to reduction in imports.

According to the provisional data of the Pakistani Bureau of Statistics (PBS), during first seven months of the current fiscal year, imports were seen in negative zone while exports in positive due to bit good performance by the industry.

According to the data, the country's export increased by 7.24 percent to $14.068 billion during the first seven months of the current fiscal year as compare to same period of the last fiscal. 

While, its imports were recorded to $25.685 billion decreased by 2.44 percent. So, trade deficit during the period was reached to $11.617 billion decreased by 12 percent as against the same period of the last fiscal year, the data showed. 

The PBS' data showed that the trade deficit reached to $1.74 billion slightly increased by 2.17 percent in the last month (January 2013)as compare to corespondent month of December 2012. during the period, exports reached to $2.023 billion by 2.74 percent increase and imports surged to $3.763 billion by 2.48 percent.

On the other hand, the remittances of overseas Pakistanis have shown tremendous growth and is playing vital role to manage the current account.