Trade Deficit Decreases by 34.29% as Exports Increase by 5.17% in First Half
Published on: January 10, 2024.
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The Pakistan Bureau of Statistics (PBS) has reported that the country’s merchandise trade deficit has decreased by 34.29% during the first half of the current fiscal year compared to the same period last year.
In the period from July to December 2023-24, the trade deficit amounted to $11.148 billion, which is a significant decrease from the deficit of $16.965 billion recorded in the corresponding period of 2022-23. This negative growth of 34.29% is a positive sign for the country’s economy. According to the latest PBS data, exports during this period increased by 5.17% to $14.981 billion, whereas exports in the same period last year were $14.244 billion.
On the other hand, imports decreased by 16.28% and were recorded at $26.129 billion, compared to $31.209 billion in the previous year. This decrease in imports helped narrow the trade deficit and contributed to the overall improvement in the country’s economic situation.
In December 2023, exports increased by 22.21% compared to the same month in the previous year. The exports during this month amounted to $2.812 billion, whereas in December 2022, exports were $2.301 billion. Conversely, imports during December 2023 were recorded at $4.514 billion, a decrease of 12.25% compared to the imports of $5.144 billion in December 2022.
In terms of month-on-month comparison, exports in December 2023 increased by 9.29% compared to the exports of November 2023, which were $2.573 billion. However, imports in December 2023 decreased by 0.55% compared to the imports of November 2023, which amounted to $4.539 billion.
Meanwhile, the services’ exports during July-November 2023-24 earned foreign exchange worth $2,986 million, a decrease of 3.33% compared to the same period last year, which recorded exports of $3,089 million. On the other hand, services’ imports increased by 20.67%, rising from $3,406 million to $4,110 million during the first five months of the current fiscal year. As a result, the services’ trade deficit increased by 254.51% during this period, going up from $317 million last year to $1,124 million this year.
Overall, these statistics indicate a positive trend for Pakistan’s trade performance, with a reduction in the trade deficit and an increase in exports. This is an encouraging sign for the country’s economy and its efforts to strengthen its position in the global market.
Source: [Daily Times](https://dailytimes.com.pk)
