Daily Times

ISLAMABAD: Pakistan recorded a trade deficit of $9.3 billion in the first four months of the ongoing fiscal year, widening 22% year-on-year and far more than official estimates, as exports failed to recover while imports kept increasing during the July-October period.

Deficit in trade balance with 84 countries including China, United Arab Emirates, India and others during the last fiscal brought Pakistan’s exports down to $21.68 billion.

Documents available with Daily Times have revealed that negative trade balance stood at $9.08 billion with China, $4.83 billion with UAE, $2.57 billion with Saudi Arabia, $1.9 billion with Indonesia, $1.61 billion with Kuwait, $1.54 billion with Japan, $1.35 billion with India, $732 million with Thailand, $724 million with Malaysia, $665 million with Singapore, $443 million with Oman, $407 million with South Korea, $388 million with Argentina, $361 million with Australia, $328 million with Morocco, $318 million with Chinese Taipei, $260 million with South Africa, $255 million with Qatar, $254 million with Switzerland, $228 million with Iran, $224 million with Canada, $203 million with Brazil, $116 million with Austria, $95 million with Ukraine, $85 million with Ireland, $80 million with Sweden, $70 million with Kenya, $60 million with Finland, $55 million with France, $54 million with Zambia, $45 million with North Korea, $42 million with Ethiopia, $41 million with Latvia, $38 million with Mauritius, $36 million with Montenegro, $33.8 million with Rwanda, $33 million with Belarus, $27 million with Slovakia, $21 million with Hungry, $19 million with Czech Republic, $18.8 million with Romania, $18 million with Swaziland, $17 million with Burundi, $12.2 million with New Zealand, $12 million with Luxembourg, $10 million with Burkina Faso, $9.9 million with Chad, $9.3 million with Russian, $9.2 million with Serbia, $8.8 million with Liberia, $8.6 million with Niger, $6.5 million with Turkmenistan, $6.16 million with Uganda, $3.05 million with Bahamas, $2.7 million with Bhutan, $2.7 million with Moldova, $2.2 million with Belize, $1.2 million with Mali, $1.11 million with Iceland, $568,000 with Bulgaria, $400,000 with Turks and Caicos Islands, $320,000 with French South Antarctic Territories, $263,000 with Norfolk Island, $164,000 with Saint Lucia, $106,000 with Dominica, $69,000 with Northern Mariana Islands, $63,000 with Christmas Island Land, $56,000 with Gibraltar, $52,000 with Saint Helena, $47,000 with Falkland Island, $41,000 with Faroe Islands, $41,000 with Marshal Island, $35,000 with Cape Verde, $27,000 with United States Minor Outlying Islands, $24,000 with Kiribati, $16,000 with Pitcairn, $15,000 with Cayman Island, $13,000 with British Indian Ocean territories, $13,000 with Montserrat, $12,000 with British Virgin Island, $4,000 with Cocas and $1,000 with Greenland.

Exports were recorded at $20.8 billion during the fiscal year 2015-16 which is lowest in the last three years. According to Pakistan Bureau Statistics, trade deficit has reached $9.3 billion during the first four months of the current fiscal year.

Documents stated that Pakistan is reviewing both free trade agreements (FTAs) and preferential trade agreement (PTAs) with China, Malaysia and Indonesia for the last two to three years.

Meanwhile, before signing the PTA with China in 2005, Pakistan’s export to China stood at $235 million and China’s export to Pakistan stood at $2,349 million with a trade deficit of $1,914 million. It is worth-mentioning here that both countries entered into FTA in November 24, 2006, and despite improving the trade, trade balance between the two counties reached $9,085 million last year.