Imports from India decrease over 39.47pc in 1st quarter

ISLAMABAD, Nov 2 (APP):Pakistan’s imports from India dropped by 39.47 percent during the first quarter of current financial year 2019-20, after downgrading of trade relations between the two countries since August this year.

Overall imports from India were recorded at $220.839 million during July to September 2019-20 against the Imports of $364.901 million during July to September 2018-19, showing negative growth 39.47 percent , according to the latest data of State Bank of Pakistan (SBP).

On the other hand, Pakistan’s exports to India during the period under review were recorded at $9.802 million against $102.458 million last year, showing decreased of 90.43 percent in first three months of current fiscal year.

Based on the trade figures, the imports from India witnessed decline of 71.06 percent in September 2019, when compared to the imports of the same month of last year.

The imports from India into the country during September 2019 were recorded at $29.453 million against the imports of $101.803 million in September 2018.

On month-on-month basis, the imports from India also witnessed decreased of 57.72 percent during September 2019, when compared to the imports of $69.671 million during August 2019, according to the data.

On the other hand, the exports to India witnessed decreased of 93.09 percent in September 2019, when compared to the exports of the same month of last year. The exports to India during September 2019 were recorded at $1.769 million against the exports of $25.628 million in September 2018.

On month-on-month basis, the exports to India also witnessed negative growth of 28.35 percent during September 2019, when compared to the exports of $2.469 million during August 2019, according to the data.

Meanwhile, according to Pakistan Bureau of Statistics (PBS), the country’s merchandise trade deficit plunged by 34.85 percent during the first three months of the current fiscal year (2019-20) as compared to the deficit of the same month of last year.

The trade deficit during July-September (2019-20) was recorded at $5.727 billion against the deficit of $8.791 billion during July-September (2018-19).

The exports increased from $5.374 billion during last year to $5.522 billion during the current fiscal year, showing growth of 2.75 percent.

On the other hand, the imports into the country witnessed declined of 20.6 percent by falling from $14.165 billion last year to $11.249 billion during the current fiscal year, the data revealed.