In first five months of CFY 2019-20 - Mobile phones import increases by over 63%

In first five months of CFY 2019-20 - Mobile phones import increases by over 63% 

ISLAMABAD (WebDesk) – The import of mobile phones into the country increased by 63.62 percent during the first five months of current financial year (2019-20) as compared to the corresponding period of last year.

Pakistan imported mobile phones worth US $ 498.466 million during July-November (2019-20) as compared to the imports of US$304.651 million during July-November (2018-19), showing growth of 63.62 percent, according to the latest data issued by Pakistan Bureau of Statistics (PBS).

On year-on year basis, the import of mobile phones witnessed growth of 150.29 percent in November 2019, as compared to the imports of the same month of last year.

The mobile imports during November 2019 were recorded at US$110.725 million against the imports of US$44.238 million in November 2018.

On month-on-month basis, the imports of mobile phones however witnessed declined of 6.68 percent during November 2019, as compared to the imports of US$118.654 million during October 2019, according to the data.

It is pertinent to mention here that the country’s merchandise trade deficit plunged by 33.04 percent during the first five months of the current fiscal year (2019-20) as compared to the deficit of the same month of last year.

The trade deficit during July-November (2019-20) was recorded at US $ 9.668 billion against the deficit of US$14.439 billion during July-November (2018-19), the data revealed.

The exports during the period increased from US$9.109 billion during last year to US$9.545 billion during the current fiscal year, showing growth of 4.79 percent.

On the other hand, the imports into the country witnessed decline of 18.41 percent by falling from US$23.548 billion last year to US$19.213 billion during the current fiscal year, the data revealed.