Weakening currency of Pakistan increased the export of the country and the growth in export shrank the Pakistan's trade deficit by over five per cent during first quarter (July to September) of the current fiscal year 2013-14.
The country's trade imbalance has narrowed to $4.465 billion during first quarter (July to September) of the ongoing fiscal year 2013-14 against $4.708 billion of the corresponding period of previous year, showing a decline of 5.15 per cent in one year.
The main reason behind shrunk trade deficit is that exports have grown slightly faster than imports during first quarter (July to September) of the current financial year 2013-14.
The latest data released by the Pakistan Bureau of Statistics (PBS) showed that exports grew by 9.3 percent from July-September 2013 to $6.7 billion; $567 million higher than the total value of goods exported in the corresponding three months of the previous fiscal year.
Imports during the period grew by about 3 per cent to $11.2 billion; $324 million higher when compared to the corresponding period of the previous fiscal year.
The trade deficit contracted by 5.2 per cent in the first three months of fiscal 2014.
The deficit clocked in at $4.5 billion, lower by $243 million recorded in the corresponding three months a year ago.
No comments:
Post a Comment