Pakistan’s trade deficit shrinks by over 15 per cent

WEB DESK: Pakistan’s trade deficit for the first eleven months of the fiscal year 2023-24 has significantly reduced by 15.2 per cent year-on-year, amounting to $21.73 billion, according to the latest data from the Pakistan Bureau of Statistics (PBS).

This is a notable improvement compared to the $25.64 billion deficit recorded in the same period last fiscal year.

However, in May 2024, the trade deficit saw a slight year-on-year increase of 0.1 per cent, reaching $2.11 billion, the same figure as in May 2023. Despite this marginal rise, the monthly trade deficit showed improvement, decreasing by 15.4 per cent from April 2024’s $2.5 billion deficit.

The rise in exports has contributed significantly to this positive trend. In May 2024, exports surged by 27.1 per cent year-on-year, reaching $2.79 billion compared to $2.2 billion in May 2023. Month-on-month, exports also rose by 18.8 per cent, up from $2.35 billion in April 2024.

On the import side, there was a notable year-on-year increase of 13.9 per cent in May 2024, with imports totaling $4.9 billion compared to $4.3 billion in the same month last year. Month-on-month, imports edged up by 1.2 per cent from April 2024’s $4.85 billion.

Overall, these figures indicate a positive trend for Pakistan’s trade balance, driven by a substantial increase in exports and a managed rise in imports.

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