Karachi: The Pakistan Bureau of Statistics (PBS) on Thursday stated that the national trade deficit had reduced by 35% to reach USD 1.5 billion in May as compared with USD 2.2 billion recorded in April – after the export sector rebounded by 45.4%, according to news sources.
The declining trade was witnessed after countrywide ease in restrictions in the COVID-19 lockdown. As per reports, the imports have also fallen by 11% to USD 2.9 billion from the USD 3.2 billion recorded in April.
Reportedly, the trade analysts have predicted a downward pressure on the trade balance, owing to the improvement in exports following the ease in the lockdown imposed after the global outbreak of the coronavirus pandemic.
As per the PBS stats, the year-on-year figures show that trade deficit sharply narrowed 50% in May. Exports fell 33.6% and the imports fell by 43.2 % when compared with corresponding figures for last year.
Additionally, the finance authorities see trade deficit at a satisfactory level and in accordance with International Monetary Fund’s (IMF) reforms – under an extended fund facility program of worth USD 6 billion – agreed last year. The State Bank of Pakistan (SBP) has also expressed optimism about the export sector’s improving activity.