Trade deficit reached a record high in May, the effect of a sharp 63 percent jump in imports

Trade deficit at record high

In the month of May, the total import of goods and services sector has increased by 59 percent and export by 24 percent. Imports of gold and silver were the fastest in May.

Due to the sharp jump in commodity prices, the country’s trade deficit in the trade of goods in the month of May (Trade Deficit) has reached new record levels. According to the data released by the government, the trade deficit has reached the level of $ 24.29 billion in May, which was at the level of $ 6.5 billion in the same month last year. Increase in trade deficit in goods business Import ,Import) has been seen due to a jump of about 63 percent as compared to last year. On the other hand, there has been a surplus situation in the business related to the service sector. That is, the export of service from the country exceeded the import in the month of May. Compared to the previous year, the imports of services and the exports (Export) has increased by 30 percent. According to the release, these figures for the service sector are estimated in May and its revised figures will be released later. At the same time, the fastest growth was seen in the import of silver in the month of May. At the same time, sharp imports were also registered in gold. The largest share of the entire import bill has been of petroleum and crude.

How was the import export data of goods

According to the data released by the commerce ministry, in the month of May, the export of goods was at the level of $ 38.94 billion, which has seen an increase of 20.55 percent compared to the previous year. At the same time, imports have increased by 62.83 percent compared to last year to reach $ 63.22 billion. The trade deficit in the goods business reached $ 24.29 billion. In the same month of last year, the trade deficit was at a level of $ 6.53 billion.

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How was the performance of the service sector?

According to the estimated data, exports of the service sector in May increased by 30.32 percent compared to last year to reach the level of $ 23.28 billion. At the same time, imports have increased by 45 percent to reach the level of $ 14.43 billion. Along with this, the total import of goods and services sector increased by 59 percent to $ 77.65 billion. Exports have increased by 24 percent to reach the level of $ 62.21 billion.

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