ISLAMABAD: For the first time in its history, Pakistan has recorded export volumes of over $30 billion in a single financial year.
However, record imports mean that the country continued to suffer from a crippling trade imbalance.
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Data released by the Pakistan Bureau of Satistics (PBS) on Monday showed that in the financial year ending June 30, Pakistan exported goods worth $31.76 billion or around Rs5.66 trillion.0 seconds of 0 secondsVolume 0%
This was up 25.51% from exports worth $25.3 billion or Rs8.98 trillion in the fiscal year 2020-21.
However, during the same period, Pakistan made record imports of $80 billion, or around Rs14.25 trillion.
This was up 41.93% from exports worth $25.3 billion or Rs8.98 trillion in the fiscal year 2020-21.
This meant that the overall trade deficit for the country widended to $48.26 billion, or Rs8.6 trillion.
The trade deficit grew by a whopping 55.29% over the previous fiscal year or by $17.18 billion.
The data further showed that exports worth $2.89 billion or Rs591 billion were made in the last month of the fiscal year. By comparison, exports of $2.63 billion or Rs513 billion were recorded in May, an increase of 9.94% (in dollar terms).
Pakistan was also unable to wean itself off of its chronic issue, higher imports compared to exports. In may, Pakistan imported goods worth $6.78 billion. By comparison, in June, Islamabad imported goods worth $7.72 billion, an increase of 13.94%.
