Pak trade deficit drops 12% to $11.61 bn in Jul-Jan

Pak trade deficit drops 12% to $11.61 bn in Jul-Jan Karachi: Pakistan's central bank on Friday said the country's trade deficit has fallen 12 percent to USD 11.61 billion in the first seven months ending January of the current fiscal.

The trade deficit was USD 13.20 billion for the same period last year.

The State Bank of Pakistan also said foreign exchange reserves have dropped to USD 13.39 billion in the week from USD 13.47 billion in the previous week.

Exports have increased to USD 14.06 billion in the July-January period from USD 13.11 billion.

Imports eased to USD 25.68 billion in the same period from USD 26.32 billion in the comparable period.

Meanwhile, the Pakistani stock market ended in the positive zone, with KSE 100 closing 0.18 percent, or 31.40 points, higher at 17,797.22.

A market analyst said investor interest in telecom sector has pushed the market to the upper limit. Pakistan Telecommunication Corporation rose 4.98 percent to Rs 22.15 a share.

In the currency market, the rupee ended steady at 98.04 against the dollar compared to Thursday's close.

The Pakistani rupee had fallen to Rs 100.1 early this week compared to the US currency for the first time in its history but has recovered since then.

Meanwhile, remittances from Pakistanis abroad have increased by 10.36 percent to USD 8.20 billion in the first seven months of the fiscal compared to USD 7.43 billion in the same period last year.

The central bank said USD 1,089 billion was remitted by overseas Pakistanis in January 2013 as against USD 1,110 billion in the same month of the previous year.

PTI