The merchandise exports of the country fell by 16.69 percent year-on-year to $2.18 billion during the month of May.
According to the data released by the Pakistan Bureau of Statistics, overall exports too came down as from July to May in the ongoing fiscal year the exports decreased by 12.14 percent to $25.36 billion as compared to $28.87 billion during these months in the previous fiscal year. Imports declined by 36.76 percent to $4.27 billion in May compared to $6.76 billion during this month in the last year.
During the last eleven months of this fiscal year, imports came down by 29.22 percent to $51.15 billion compared to $72.28 billion during the previous fiscal year.
The fall in imports is due to the governments step which it took to control the imports of luxury and non-essential items. Government allowed to import of the raw material, semi-finished goods, pharmaceutical product, food and energy items.
As a result of decline in imports, the trade deficit too decreased by 40.59 percent to $25.79 billion during the first eleven months of this fiscal year as compared to $43.40 billion in these months, last year.
In the month of May, the trade deficit decreased year-on-year by 49.49 percent to $2.08 billion. The fall in exports is mainly due to the negative growth in exports of textile items which