Trade Deficit swells to USD 16.095 billion during 9MFY12

Karachi: Pakistan’s trade deficit has swelled to USD 16.095 billion during the 9MFY12 period against USD 11.289 billion in the same period last year, witnessing a massive increase of 42.57%YoY.

According to Alfalah Securities Limited, overall the country’s exports registered a YoY decline of 3% during the 9MFY12 period as exports were recorded at USD 17.190 billion as compared to USD 17.727 billion in the corresponding period. On the other hand, Pakistan’s imports witnessed a considerable rise of 14.7%YoY as it stood at USD 33.285 billion during 9MFY12 against USD 29.016 billion recorded last year. Alfalah Securities Limited believes the country’s trade deficit would continue to widen during FY12 keeping in view the prevailing energy crises and soaring oil prices, which has hampered the exporter’s ability to fulfil export commitments, whereas a continues increase in the international oil prices, government’s inadequate planning and the country’s dependency on import of several in general would keep the import bill growing at a fast pace.