Pakistan import bill reaches record level at $53bn; trade deficit sharply widens by 36.32pc in 2016/2017


ISLAMABAD: Pakistan’s import bill has reached to a historic level of $53 billion and posted record trade deficit of $32.58 billion in fiscal year 2016/2017, according to data released by Pakistan Bureau Statistics (PBS) on Tuesday.
The trade deficit ballooned to record 32.58 billion during July – June 2016/2017, widened by 36.32 percent when compared with the deficit of $23.89 billion in the preceding fiscal year.
The primary reason for sharp increase in deficit is mammoth rise in imports, which were at $53.026 billion during the last fiscal year as compared with $44.685 billion in the preceding fiscal year, showing 18.67 percent increase.
Analysts said that significant increase in CPEC related imports and machinery imports pushed the import bill.
On the other hand, exports eased by 1.63 percent $20.448 billion in 2016/2017 as compared with $20.787 billion in the preceding year