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Imports from India plunge 39.47pc in 1Q of FY2019-20

Imports from India plunge 39.47pc in 1Q of FY2019-20

ISLAMABAD: Pakistan’s imports from India dropped by 39.47pc during the first quarter of the current financial year (FY19-20), following the dip in trade relations between the two countries since August this year.

Overall imports from India were recorded at $220.839 million during July-September FY20 as against the imports of $364.901 million during the same period of FY19, according to data released by the State Bank of Pakistan (SBP).

On the other hand, Pakistani exports to India during the period under review were recorded at $9.802 million as against $102.458 million last year, showing decreased of 90.43pc.

Based on the trade figures, imports from India witnessed a decline of 71.06pc in September 2019 when compared with the imports of the same month of last year. The imports from India into the country during September 2019 were recorded at $29.453 million as against the imports of $101.803 million in September 2018.

On a month-on-month basis, the imports from India declined by 57.72pc during September 2019 when compared to the imports of $69.671 million in August 2019.

It is pertinent to mention that Pakistan’s merchandise trade deficit plunged by 34.85pc during the first three months of the current fiscal year as compared to the same month of last year.

The trade deficit during July-September 2019-20 was recorded at $5.727 billion against the deficit of $8.791 billion during July-September 2018-19.

The exports increased from $5.374 billion to $5.522 billion while imports declined by 20.6pc to $11.249 billion in 1QFY20.