Trade deficit falls by 33.5% during July-Oct of FY19-20 – Business

During the first four months of fiscal year 2019-20, the country's trade deficit significantly decreased by 33.5 percent, a report from the Ministry of Commerce revealed on Saturday.

The trade deficit fell from $ 11.7 billion recorded from July-October of fiscal year 19-19 to $ 7.8 billion during the same period this year.

The decrease in the trade deficit can be attributed largely to a fall in imports, which registered a decrease of 19.3 percent. Imports during the period from July to October 2019 amounted to $ 15.3 billion compared to $ 19 billion during the same period last year.

Meanwhile, exports experienced a slight increase of 3.6pc and grew from $ 7.3bn to $ 7.5bn.

During the month of October, the trade deficit fell 32{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} and was recorded at $ 1.97 billion compared to $ 2.9 billion last year.

Exports in October of the current fiscal year increased by 6{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}, from $ 1.9 billion to $ 2 billion. Imports fell 17 percent and were recorded at $ 3.9 billion compared to $ 4.8 billion last year.