ISLAMABAD: The imports of gold increased by 94.25 percent during the first month of the current fiscal year (July 2023) as compared to the corresponding month of last year, the Pakistan Bureau of Statistics (PBS) reported.
According to the report, the gold imports during July 2023 were observed at $1.986 million against the imports of $1.022 million during July 2022.
The report further maintained that Pakistan imported 50 kilograms of gold in terms of quantity during the previous month under review against the imports of 16 kilograms last year in the same month, showing an increase of 207.79 percent.
On a month-on-month (m-o-m) basis, the import of the precious metal during July 2023 went down by 39.32 percent as compared to the imports of $3.273 million in June 2023.
Gold Imports Went Down in June
In terms of quantity, for the month of June, in both years, the gold imports went down by 40.48 percent this year against the imports of 52 kilograms during June 2022.
It is worth noting here that the trade deficit recorded a decrease of 41.16 percent during the first month of the current fiscal year (2023-24) against the corresponding month of last year.
The trade deficit during July under review was witnessed at $1.607 billion against the deficit of $2.731 billion in July 2022, with a decline of 41.16 percent. The exports during the month were recorded at $2.057 billion as compared to $2.250 billion last year, showing a decrease of 8.57 percent.
Meanwhile, the imports recorded a sharp downward trend of 26.44 percent by decreasing from $4.981 billion last year to $3.664 billion in July 2023.
