Trade deficit widens 37% as exports fall, imports rise

Pakistan's trade deficit widened at a faster pace of 37% to $15.5 billion in five months of the current fiscal year after exports plunged and imports grew in double digits amid disruption in the export of oranges due to suspension of trade with Afghanistan. The Pakistan Bureau of Statistics (PBS) reported on Tuesday that the gap between imports and exports reached $15.5 billion during the July-November period. The deficit was $4.2 billion, or 37%, higher than the same period of last fiscal year. The five-month trade deficit was equal to 29% of the gross foreign exchange reserves. Exports remained in negative territory while imports grew in double digits on the back of duty relaxation in the budget. Imports grew to $28.3 billion during the July-November period, a jump of $3.3 billion, or 13.3%, compared to a year ago.