Karachi: The trade deficit has surged to USD 2.17 bn in November, from USD 1.71 bn in October and USD 1.4 bn in November last year, witnessing a rise of 27% MoM and 55% on YoY basis.
According to Alfalah Securities Limited, overall Exports of the country fell by 9.88% to USD 1.55 bn in November, from USD 1.72 bn last year while total imports stood at USD 3.72 bn as against USD 3.12 bn in November last year, depicting an increase of 19%. Overall the trade deficit for the 5M (Jul-Nov) FY12 recorded an increase of 37% as it stood at USD 9.06 bn, compared with USD 6.6 bn in the same period last year. The rising trade deficit would deteriorate the balance of payment situation of the country and is likely to exert pressure on the Forex reserves. Alfalah Securities Limited may also witnesses steep devaluation of rupee against dollar if the trade deficit continued to widen.