Trade deficit in Pakistan decreases by 34% to $9.38bn in the first 5 months of fiscal year 2024
Published on: December 4, 2023.
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Pakistan’s trade deficit in the first five months of FY24 has decreased by 33.59% to $9.38 billion due to a significant reduction in imports. This decrease in imports is a result of administratively controlled measures taken by the government. The data released by the Pakistan Bureau of Statistics (PBS) shows that the trade balance, which is the gap between exports and imports, was recorded at a deficit of $9.38 billion in the July to November period of FY23-24, compared to $14.28 billion in the same period of the previous year.
During this five-month period, exports increased by 1.93% to $12.17 billion from $11.94 billion in the corresponding period of the previous year. In November 2023, exports improved significantly by 7.66% to $2.57 billion from $2.39 billion in the same month of the previous year.
On the other hand, imports fell by 17.3% to $21.55 billion in the July to November period, down from $26.06 billion in the same period of FY22.
In November 2023, the trade deficit decreased by nearly 32% to $1.89 billion from $2.77 billion in the same period of the previous year. Exports in November increased by 7.66% to $2.57 billion, while imports reduced by 13.5% to $4.46 billion.
On a monthly basis, the trade deficit declined by 13.2% compared to October 2023. Exports in November decreased by 4.4% to $2.57 billion, and imports reduced by 8.3% to $4.46 billion.
Overall, the decrease in imports and the marginal increase in exports have resulted in a significant reduction in Pakistan’s trade deficit. This is a positive development for the country’s economy.
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