Exports of the country, which originally stood at $2 billion, have declined by almost 10.85 per cent in August 2011, as compared to figures from July this year.
Exports in August 2011 stood at $1,964 million as compared to the exports of $2,203 million during July 2011. The trade deficit during August 2011 over July 2011 stood at $1,842 million, depicting an increase of 23.96 per cent when compared to the deficit of $1,468 million in July 2011.
According to the data released by Federal Bureau of Statistics (FBS) the country’s imports in this month have also registered a growth of 26.45 per cent, reaching $3,806 million as compared to the imports of $3,010 million during the same month last year.
However, the country’s exports in August 2011 increased by 13 per cent if the data is compared with the exports of the same month of the last year. Exports in August 2010 were recorded at $1,738 million. Accordingly, the trade deficit during August 2011 widened 44.81 per cent to $1,842 million as compared to the deficit of $1,272 million during August 2010. Exports from the country during the first two months of the current fiscal year (2011-12) surged by 20.26 per cent as compared to the corresponding period of last year. Exports during July-August (2011-12) were recorded at $4,167 million as compared to the exports of $3,465 million during July-August (2010-11) Federal Bureau of Statistics (FBS) reported. Imports for the country also increased from $6,249 million during July-August (2010-11) to $7,495 million in July-August (2011-12), showing a positive growth of 19.94 per cent, the FBS data revealed. The trade deficit during the period stood at $3,328 million, showing an increase of 19.54 per cent when compared to the deficit of $2,784 million during the corresponding period of last year.
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