According to the Pakistan Bureau of Statistics (PBS), Pakistan has experienced a significant increase in gold imports during the previous eleven months of the current financial year compared to the corresponding period last year, highlighting the country's growing reliance on this precious metal.

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The data reveals that gold imports between July and May (2022-23) reached a value of $27.377 million, showcasing a notable rise from the $18.982 million recorded during the same period in the previous year. This represents an impressive growth rate of 44.22 percent.

In terms of quantity, Pakistan imported437 kilograms of gold during the months under review, marking a substantial increase compared to the 302 kilograms imported in the previous year, indicating a growth rate of 44.70 percent. Furthermore, on a yearly basis, the country witnessed a remarkable surge of 250.55 percent in gold imports, as in May 2022 recorded imports worth $0.976 million.

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When examining the quantity aspect, the imports witnessed a staggering rise of 271.43 percent, escalating from 14 kilograms in May 2022 to 52 kilograms in May 2023.

This surge in gold imports in Pakistan highlights the country's growing interest in and dependence on this valuable metal.

 

By: Shahnaz Fida Ahmed

Turbat Balochistan