December 28, 2024 05:05 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
India mourns as nation bids farewell to Manmohan Singh with full state honours | Narendra Modi-led Union Cabinet passes 'Condolence Resolution' on passing of ex-PM Manmohan Singh | Space will be allocated for Manmohan Singh's memorial, announces Centre | He was my friend, philosopher, and guide: Sonia Gandhi remembers Manmohan Singh in an emotional post | Vladimir Putin condoles Manmohan Singh's death, calls him 'outstanding statesman' | Congress writes to PM Modi seeking space for building a memorial to Manmohan Singh | Manmohan Singh will be remembered as a kind person, a learned economist, and a leader dedicated to reforms: PM Modi | Russian ambassador to India Denis Alipov grieves Manmohan Singh's demise | Mumbai terror attack shook Manmohan Singh badly, recalls former deputy NSA | I have lost a mentor and guide: Rahul Gandhi writes on Manmohan Singh's demise
Pakistan Economy
Pixabay

Is Pakistani economy sinking as the trade deficit widens to $23.8b in 10 months?

| @indiablooms | May 07, 2021, at 12:02 am

Islamabad: Pakistan seems to be struggling in the economic front and it is evident from the trade deficit as it widened to $23.8 billion and exceeded the annual target by $4.1 billion in 10 months of the current fiscal year.

The economic figures were issued at a time when the nation is struggling to contain the COVID-19 virus.

During the July-April period of the current fiscal year, imports exceed exports by $23.8 billion, reported the Pakistan Bureau of Statistics (PBS) on Wednesday, according to The Express Tribune.

For the current fiscal year, the government had set the trade deficit target at $19.7 billion, which was busted in just 10 months because of no major improvement in exports.

The deficit was higher by $3.9 billion or 21.6% over the same period of previous year, the newspaper reported.

Exports increased to $20.9 billion in July-April FY21 compared to $18.4 billion in the same period of last year, according to the national data collecting agency.

There was an increase of 13.5% or $2.5 billion in exports in 10 months, but it was not sufficient to bridge the yawning gap created by imports, the newspaper reported.

During the July-April period, imports hiked by 17.7% to $44.7 billion, higher by $6.7 billion.

“Export sector is not competitive and is still a family business that often leads to division of assets after every two generations,” Finance Minister Shaukat Tarin told The Express Tribune.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia Mar 22, 2023, at 08:26 pm