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ISLAMABAD: Pakistan’s trade deficit during July-February 2003-04 has reached at US $ 1216.3 million as compared to $ 838.9 million in the same period last year registering an increase of 45%, according to a news agency INP.

During February 2004 alone the trade deficit increased to $ 214.4 million from 142.3 million in February 2003 recording an increase of 69.6%.

An official in the Commerce Ministry attributed the increase to higher imports than exports during first half of the current fiscal year.

The official explained that due to low tariff by the government had encouraged the country’s businessmen to import various things. He said the major focus of the importers was remained on machinery and raw material, which was a good and healthy sign for the country’s economy.

The figures show that during the month of February 2004, exports increased to $ 902.5 million as against $ 776.4 million of February 2003, indicating an increase of 16.2%.

The exports during July-February 2003-04 stood at $ 7877.5 million as against $ 6920.4 million during July-February, 2002-03 showing an increase of 13.8%. The percentage achievement during July-February 2002-03 is 65% over the export target of 2002-03.

The statistics further indicate that Pakistan’s imports during July-February 2003-04 have increased to $ 9093.8 million from $ 7759.3 million in July-February 2002-03 that showed an increase of 17.2%.