Pakistan’s trade deficit shrinks by 13.16% in November

WEB DESK: In November, Pakistan’s trade deficit demonstrated a notable improvement, standing at $1.89 billion, a 13.16 per cent month-on-month reduction from the previous month’s deficit of $2.17 billion.

According to the latest data released by the Pakistan Bureau of Statistics (PBS), this marks a substantial 31.72 per cent decrease from November 2022’s trade deficit, which was recorded at $2.77 billion.

The export figures for November tell a nuanced story. Exports experienced a 4.39 per cent month-on-month decline, settling at $2.57 billion, down from $2.69 billion in October 2023.

However, when compared to November 2022, there is a contrasting 7.66 per cent year-on-year increase in exports.

On the flip side, the country’s import expenditure during November witnessed an 8.31 per cent month-on-month reduction, reaching $4.46 billion compared to the preceding month’s $4.86 billion.

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Similarly, imports in November 2022 saw a notable decline of 13.47 per cent year-on-year, amounting to $5.15 billion.

Taking a broader perspective, the cumulative trade deficit for the first five months of the fiscal year 2023-24 exhibited a significant 33.59 per cent year-on-year improvement, standing at $9.38 billion.

This represents a notable reduction from $14.12 billion recorded in the same period of the previous fiscal year (5MFY23).