So this comes as great news as far as the economy of Pakistan is concerned, it has been found that the Pakistani, trade deficit has decreased by 35%, as the deficit decreased to $5.72 billion from $8.79 billion in the first quarter of this fiscal year (July-September). There was a decrease of $3.06 billion in the trade deficit and almost all of it came from the decrease which came from imports.
Pakistan Bureau of Statistics (PBS) revealed the statistics of this deficit on Friday, as reported by ProPakistani.
It seems that the government’s fightin stabilizing the economy is starting to bear some fruit after Pakistan has seen some difficult times in the PTI’s governance.
According to PBS, Pakistan’s exports in September 2019 witnessed a growth of 2.67% to $1.76 billion as compared to $1.72 billion of September 2018, which is due to the depreciation of Rupee against the US dollar.
In addition to things, Pakistan’s imports during September 2019 saw a decrease of 13.90% and came down to $3.78 billion from $4.39 billion. During this period, the country’s trade deficit has reduced by 24.58% to $2.016 billion to $2.673 billion in the same period last year.The aforementioned stats have been provided by the Bureau of Statistics, Pakistan.
Moving on, in terms of the quarterly basis from July 2019 to September, the country’s exports have seen a pretty decent growth of 2.75% from $5.374 billion to $5.522 billion. On the other hand, the imports have seen a fall and the new figure is $11.249 billion in July-September 2019 compared to the previous figure of $14.165 billion during the same period last year.
According to PBS, on month-on-month (MoM) basis, the Pakistani exports in September 2019 against August 2019 have seen a pretty decent reduction of 5% percent as they were $1.769 billion compared to $1.862 billion in August 2018.
On the other hand, Pakistan’s imports registered a growth of 1.42% from $3.732 billion to $3.785 billion. The trade deficit during the period witnessed a growth of 7.81% to $2.016 billion from $1.870 billion.
All in all it seems that the country is finally seeing some direction and that the PTI government is starting to establish some much needed control over there policies. Times are hard and they might even get harder, but if the government is able to achieve sustainable development, then at least one thing is for certain, our future generations will not have to see these bad times.