KARACHI: Pakistan’s trade deficit in five months (July-November 2018) clocked in at $14.513 billion, down 2.03 percent compared with the deficit of $14.814 billion in the corresponding period last year, Pakistan Bureau of Statistics reported on Tuesday.
The exports during five months were recorded at $9.12 billion, up 1.29 percent compared with the exports of $9.004 billion in the same period last year, while imports declined 0.78 percent to $23.633 billion for the period under review.
As far as November 2018 is concerned the trade gap stood at $2.783 billion down 5.28 percent from the deficit of $2.938 billion in October 2018, and down 0.25 percent from the deficit of $2.79 billion on November 2017.
Reportedly, Pakistan is going to double its export to China this year, while work on Free Trade Agreement (FTA) is also underway. In various appearances, government representatives have suggested export of rice, sugar, textile and other agricultural commodities (like fruits) will take priority.
To note, Pakistan exports to China as of FY18 are $1.75 billion while imports from China were recorded at $11.5 billion resulting in net deficit of $9.75 billion