Pakistan's trade deficit swells by 40pc in seven months

ISLAMABAD: Pakistan's trade deficit touched a new record high of $13.17 billion during the first seven months of the current fiscal year, showing a 40 percent rise when compared with $9.42 billion in the same period last year, official data showed Tuesday.

According to the data released by the Pakistan Bureau of Statistics (PBS), during July-January 2011-12, country's exports totaled $13.15 billion and imports $26.33 billion against corresponding period exports of $13.122 billion and imports of $22.54 billion. During the period Pakistan's exports grew marginally by one-quarter of a percentage point while imports ballooned by huge 17 percent.

The country's exports declined by a worrisome 15.3 percent to $1.95 billion in January 2012 over $2.31 billion recorded in same month last year. Whereas in same month under review, imports increased by six percent to $3.65 billion against $3.44 billion in January 2011.

Economic experts attribute decline in exports and ballooning trade deficit to bad law and order situation and energy crisis and they fear that in coming months the trade deficit could rise further.