Gold imports surge by 44.13 percent in two months

ISLAMABAD: The imports of gold surged by 44.13 percent during the first two months of the current fiscal year compared to the same period last year, as reported by the Pakistan Bureau of Statistics (PBS).

Pakistan imported gold worth $4.971 million in July and August 2023, in contrast to $3.449 million during the same period in 2022, marking a substantial 44.13 percent increase, according to PBS data.

In terms of quantity, gold imports rose by 56.33 percent during this period, increasing from 65 kilograms in the previous year to 102 kilograms this year.

Meanwhile, on a year-on-year basis, gold imports in August 2023 grew by 23.02 percent to reach $2.985 million, compared to $2.426 million in August 2022. In terms of quantity, Pakistan imported 52 kilograms of gold in August 2023, up from 49 kilograms in August last year, showing a growth of 6.12 percent.

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On a month-on-month basis, gold imports in August 2023 surged by 50.30 percent when compared to the imports of $1.986 million in July 2023. In terms of quantity, the gold imports increased by 4 percent compared to the 50 kilograms imported in July 2023.

It’s worth noting that the trade deficit contracted by 40.29 percent during the first two months of the current fiscal year compared to the same period last year. The trade deficit for July and August 2023-24 stood at $3.763 billion, compared to a deficit of $6.302 billion in July and August 2022-23, reflecting a negative growth of 40.29 percent.

During this period, exports decreased by 6.38 percent to $4.431 billion, compared to $4.733 billion in the corresponding period of the previous year. On the other hand, imports decreased by 25.75 percent, amounting to $8.194 billion compared to $11.035 billion last year, according to PBS data.