Country’s trade gap with the rest of the world crossed $1.0 billion in a single month, July, this year, which is, to be precise, the first month of the current fiscal year (FY22).
The latest statistics of the central bank showed that the gap in trade in goods stood at $1.33 billion ($1336 million) in July this year, which was only $85 million in the same month of the previous year.
The decline in export against the big jump in imports widened the trade deficit significantly.
Export earnings were recorded at $3.42 billion in July this year, a decline of 10.59 per cent from $3.24 billion in the same month of last year.
Import of goods, however, registered 21.63 per cent growth to $4.76 billion in the first month of the current fiscal year against $3.91 billion in the same period of FY21.
Both the import and export in the balance of payments table are recorded in terms of FoB (Free on Board) value, which simply means the value of the shipped products only and not any cost of freight, insurance, or clearing.