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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan's Oct trade gap narrows to $1.94 bln Reuters - Tuesday, November 11 ISLAMABAD, Nov 10 - Pakistan's trade deficit narrowed to $1.94 billion in October, compared with $2 billion in October last year, and $2.02 billion in September, the government's Statistics Bureau said on Monday. Exports stood at $1.52 billion in October, as against $1.37 billion in the same period last year. Imports were worth $3.46 billion in October compared with $3.38 billion in the same month last year. Farhan Rizvi, senior analyst with JS Global Capital, said a decline in textile exports could have affected the overall export figure for October, which was down from $1.78 billion in September. Rizvi said the welcome dip in the value of October's imports, after an import bill of $3.8 billion in September, was mainly because of lower prices for oil and commodities. Pakistan's trade deficit swelled by 33.33 percent to $7.52 billion in the 2007/08 fiscal year, compared with $5.64 billion in the 2006/07 year, mainly on account of a heavy bill for imported crude oil and food. The import bill for crude oil and petroleum products rose more than 66 percent to $11.35 billion in 2007/08, compared with $7.33 billion the previous year. The food import bill was up nearly 54 percent to $4.20 billion in 2007/08, compared with $2.74 billion in the year 2006/07. The rising import bill has contributed to a fall in foreign reserves which have slipped from a high of $16.5 billion in October last year, to $6.76 billion on Nov. 1, of which the central bank accounted for $3.53 billion. In first three months of the 2007/08 fiscal year , the current account deficit widened to $3.95 billion against $2.27 billion in the same period last year. That was equivalent to 2.4 percent of gross domestic product. Government officials say the country needs $3.5 billion to $4.5 billion quickly to fill a financing gap and $10 billion to $15 billion to avoid a balance of payment crisis and make adjustments over the next two years. The government has said it does not want to have to sign up to an IMF programme but it held talks with the IMF in Dubai last month. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Mitsubishi Rayon says considering acquisition of LuciteReuters - 40 minutes ago SNAPSHOT - Financial Crisis - 0020 GMTReuters - 40 minutes ago S.Korea won down 2.4 pct; econ worries dragReuters - 41 minutes ago BOJ Yamaguchi in parliament 0200-0300, 0450-0540 GMTReuters - 41 minutes ago Cardiologist questions safety of Lilly's prasugrelReuters - 44 minutes ago Most Popular – Business Viewed In Obama's victory, Americans see legacy of Lincoln G20 pledges 'all necessary steps' to restore stability AIDS vaccines: New hope for problem-plagued path Documents expose Prince William RAF training row: report MP3 earphones can hamper defibrillators, pacemakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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