Pakistan has faced a trade deficit of $2.374 billion in the first quarter July-September of current fiscal 2005-06 against a trade deficit of $825.730 million in the same period of the previous fiscal, showing an increase of 187.52 percent, according to figures released by the Federal Bureau of Statistics here on Wednesday.
The main causes of the increase in trade deficit were increased imports of machinery, industrial raw materials, cars and other imports carrying duty in the July-September period. The historic increase in oil prices during the last fiscal continued in the first three months of July-September period of current fiscal leading to the increase in trade deficit in the July-September period of current fiscal, an official said.
The collection of customs duty and other taxes on imports increased above 50 percent in the July-September period of current fiscal due to an increase in imports carrying duty, especially vehicles.
Official imports in the wake of the October 8 earthquake also are rising and experts are of the view that the trade deficit is likely to increase against the projections made at the start of the fiscal year.
Exports in the July-September period of current fiscal year stood at $4.179 billion against exports valued at $3.484 billion in the same period of the previous fiscal, showing an increase of 19.93 percent. Imports in the July-September period of current fiscal year stood at $6.553 billion against imports valued at $4.310 billion in the same period of the previous fiscal, showing an increase of 52.04 percent.
Trade deficit in the July-August period of current fiscal stood at$ 2.347 billion against the trade deficit of $825.730 million in the same period of the previous fiscal, showing an increase of 187.52 percent in the first two months of the current fiscal. Exports in September this current fiscal year stood at $1.179 billion against exports valued at S$ 1.113 billion in the same period of the previous fiscal, showing an increase of 34.67 percent. Imports in September this current fiscal year stood at $2.322 billion against imports valued at $1.377 billion in the same period of the previous fiscal, showing an increase of 68.57 percent.
Trade deficit in September this current fiscal year stood at $823 million against trade deficit of $264 million in the same period of the previous fiscal, showing an increase of 211.41 percent.
Exports saw a 6.47 percent growth in September as compared with exports in August this fiscal year. Exports in September stood at $1.499 billion against exports valued at $1.408 billion in July 2005.
Imports also registered an increase of 3.92 percent with total imports valued at $2.322 billion in September as compared with imports valued at $2.234 billion in August 2005. Trade deficit of $823.039 million in September is less by 0.42 percent when compared with the trade deficit of $826.513 million August of the current fiscal year.