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Gold imports up 3.61pc in seven months of FY2019-20

Gold imports up 3.61pc in seven months of FY2019-20

ISLAMABAD: The gold imports into the country increased by 3.61 per cent during the first seven months of the current financial year (2019-20) as compared to the corresponding period of last year.

Pakistan imported gold worth $10.068 million during July-January FY20 as compared to the imports of $9.717 million during July-January FY19, according to data released by the Pakistan Bureau of Statistics (PBS).

In terms of quantity, the country imported 240 kilogrammes of gold during the period under review compared to the imports of 248 kilograms during last year, posting a decrease of 3.23pc.

On a year-on-year basis, the gold imports into the country during January 2020 decreased by 7.13pc when compared to the imports of the same month of last year. Gold imports during the month under review were recorded at $0.899 million against the imports of 0.968 million during January 2019.

The country’s trade deficit witnessed a significant reduction in the first seven months of the current financial year as it shrank by 28.40pc as compared to the corresponding period of last year.

During the period under review, the country’s exports registered about 2.14pc growth, whereas imports reduced by 15.95pc.