Gold imports up by 34.87% in July

ISLAMABAD: The gold imports increased by 34.87 percent during the first month of the current fiscal year as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported.

The gold imports during (July 2022) were recorded at $1.021 million as compared to the imports of $0.757 million during (July2021), according to the data.

In terms of quantity, Pakistan imported 16 kilograms of gold during the month under review as compared to the imports of 13 kilograms last year, showing positive growth of 23.08 percent.

Meanwhile, on month-on-month basis, the gold imports during July 2022 declined by 71.96 percent as compared to the imports of $3. 641 million in June 2022.

In terms of quantity, the gold imports decreased by 73.77 percent in July 2022 when compared to the imports of 61 kilogram registered in June.

It is pertinent to mention here that the country’s overall merchandise imports declined by 12.81 percent to US$4,861 million in July 2022 as compared to imports of US$ 5,575 million in July 2021. Exports also declined by 5.17 percent in July 2022 to US$2,219 million as compared to exports of US$2,340 million in July 2021.

Based on the figures, the merchandize trade deficit declined by 18.33 percent by going down from the deficit of US$3,235 million last July to US$2,642 million in July 2022, according to PBS data.