ISLAMABAD - The imports of gold increased by 35.48 percent during the fiscal year 2022-23 as compared to last year, Pakistan Bureau of Statistics (PBS) reported.
The gold imports during the July-June (2022-23) were recorded at $30.651 million as compared to the imports of $22.623 million during July-June (2021-22), according to the data. In terms of quantity, Pakistan imported 496 kilograms of gold during the months under review as compared to the imports of 361 kilograms last year, showing growth of 37.40 percent.
Meanwhile, on year-on-year basis, the gold imports into the country witnessed a decrease of 48.22 percent as these were recorded at $3.273 million in June 2023 against the imports of $3.641 million in June 2022.
In terms of quantity, the imports of the commodity declined by 11.86 percent, from 59 kilograms in June 2022 to 52 kilograms in June 2023.
Meanwhile, on month-on-month basis, the gold imports during June 2023 decreased by 4.33 percent when compared to the imports of $3.421 million in May 2023. It is pertinent to mention here that the overall trade deficit witnessed a decline of 43.03 percent during the fiscal year 2022-23 as compared to the previous year (2021-22). The trade deficit during July-June (2022-23) was recorded at $27.547 billion against the deficit of $48.354 billion in July-June (2021-22), a decline of 43.03 percent. The exports during the period were recorded at $27.744 billion against $31.782 billion last year, showing a decline of 12.71 percent. On the other hand, the imports witnessed a sharp decline of 31 percent by falling from $80.136 billion last year to $55.291 billion during the fiscal year 2022-23.
Meanwhile, tea imports into the country during financial year ended on June 30, 2023 reduced by 9.13 percent as compared the imports of the corresponding period of last year. During the period from July-July, 2022-23, about 231,449 metric tons of tea costing $556.043 million were imported as against the imports of 253,748 metric tons valuing $626.195 million of same period last year, according the data of Pakistan Bureau of Statistics.
Meanwhile, imports of sugar decreased by 97.06 percent during 12 months of last fiscal year as 6,205 metric tons of sugar valuing $0.0546 million was imported as compared the imports of 312,477 metric tons costing $191.720 million of same period last year.
In last fiscal year, spices imports into the country also decreased by 30.04 percent as 147,193 metric tons of different spices worth of $151.240 million were imported during the period under review as compared to imports of 138,413 metric tons valuing $216.183 million of same period last year.
It is worth mentioning here that food group imports into the country during the period under review decreased by 0.88 percent as compared to the imports of the corresponding period of last year.
During the period from July-June, 2022-23, the country spent $8.936 billion on the import of different food commodities as compared to the imports of $9.016 billion in the same period last year in order to fulfill the local requirements.
On the other hand the exports of food commodities from the country decreased by 7.25 percent as it was recorded at $5.0222 billion as against the exports of $5.415 billion of the corresponding period of last year.