ISLAMABAD, Oct 15 (APP):The Ministry of Commerce is focusing on improving trade deficit and it has been successfully improved 35% in the first quarter of 2019-20.
The trade deficit has come down to $ 5.72 billion from $ 8.79 billion in the first quarter, said a press release issued by Ministry of Commerce here on Tuesday. According to press release , Only in September 2019, the trade deficit has improved 24% over the corresponding period.
The import compression measures are successfully deployed and imports have been brought down to $11.24 billion in July-September 2019-20 to $14.16 billion in July-September 2018-19, release added. It shows 21% contraction in imports in the first quarter and 24.58% in September 2019. Exports have started picking up and registered 2.75% growth (in 1st quarter). Exports (1769 million USD) witnessed growth of 2.67% in September, 2019 as compared to corresponding period of last year, 2018 (1723m UDS).
According to the provisional data, main commodities of exports during the first quarter July- September, 2019 were Rice (USD 471.1 million, 50.1% growth),Men’s garments (USD 886.1 million, 7.3% growth), Cotton T-shirts (USD 123 million, 57.6% growth), Copper and Copper Products (USD 91.8 million, 144.7% growth), Meat (USD 71.6 million, 53.8% growth), Medical Instruments (USD 108.1 million, 20.3% growth), Leather Apparel (USD159.7million, 8.8% growth), Fruits and Vegetables (USD143.2million, 17.7% growth), Fish and Fish Products (USD 79.2 Million, 8.7%) .
Pakistan has witnessed export growth in traditional and nontraditional markets. Our exports have gone up in Saudi Arabia 51%, UAE (23%), Netherlands (17%), China (14%). Pakistan’s exports to Africa are also on upward trajectory in value and quantity.
Main import commodities that have declined include Iron and steel (-23.5%), Fertilizers (-62.5%), Palm oil (-25.9 %), plastics and articles of plastic (-16.8%) and soya beans (-55.8).