Islamabad [Pakistan], December 3 (ANI): Pakistan's trade balance is worsening at an accelerated pace adding to its economic woes and financial problems it faces.

Pakistan's trade deficit rose sharply to US dollars 5.11 billion in November 2021 against US dollars 1.94 billion in the same month of the last year 2020, witnessing a surge of 163 per cent, according to News International.

Also Read | US to Join Gender Equality Pact at WTO Ministerial Meeting, Says US Trade Representative.

It shows an alarming trend, as it will mount pressures on the current account deficit (CAD) in the months ahead and without ensuring dollar inflows mainly through debt-creating instruments. With the blessings of the IMF, the pressure on the exchange rate might further escalate in weeks and months ahead, according to News International.

Further, there is a continuous crash of the stock market and depreciating exchange rate as it nosedived.

Also Read | Gita Gopinath to Take on New Role at IMF as First Deputy Managing Director.

Meanwhile, Pakistan faces significant challenges such as rising current account deficit, increasing inflation and high volatility in the exchange rate.

The overall trade deficit has risen sharply and stood at US dollars 20.7 billion in the first five months (July-November) period of the current fiscal year as the exports fetched US dollars 12.37 billion but imports went up to US dollars 33.11 billion. The trade deficit stood at US dollars 9.54 billion in the same five months of the last fiscal year. The trade deficit in five months of FY2022 went up by 117 per cent, according to News International.

Earlier, Pakistan tried to reduce the current account deficit mainly through a cut in imports bill (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)