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Slow import, export narrow down trade deficit in July

Slow import, export narrow down trade deficit in July

ISLAMABAD: The slump in exports and import narrowed down the country’s trade deficit by 16.58 per cent during the first month of the ongoing fiscal year (2014-15).
According to trade figures released by Pakistan Bureau of Statistics (PBS), imports decreased by 11.80 percent in July 2014, as compared to the imports in the corresponding month last year. The imports into the country were recorded at $3.364 billion in July 2014 against $3.814 billion in July 2013, the PBS data revealed. Exports from the country, however, also decreased by 7.88 percent, declining from $2.095 billion in July 2013 to $1.930 billion in July 2014.
Based on the figures, the overall trade deficit in July 2014 was recorded at $1.434 billion as compared to the deficit of $1.719, showing a deficit of 16.58 per cent.
Meanwhile, on month-on-month, the imports decreased by 22.45 percent in July 2014 against the imports of $4.338 billion recorded during June 2014.
The exports from the country during July 2014 also decreased by 4.79 percent against exports of $2.027 billion in June 2014. Based on the figures, the trade deficit in July 2014 decreased by 37.95 percent as compared to the deficit of $2.311 recorded during June 2014, according to the data.