Business

Pakistan’s trade deficit contracts 15.25pc YoY to $21.73bn in first 11 months

On month on month basis, the trade deficit narrowed by 15.43pc

Published 7 months ago on Jun 4th 2024, 1:21 am

By Web Desk

Pakistan’s trade deficit contracts 15.25pc YoY to $21.73bn in first 11 months

Islamabad: Pakistan’s trade deficit contracted 15.25% year-on-year (YoY) during the first 11 months (July- May) of the fiscal year 2023-24, the Federal Bureau of Statistics (FBS) showed on Monday.

The contraction is owing to a reduction in imports and an increase in exports. The country’s trade balance, the gap between exports and imports, has been recorded at a deficit of $21.73 billion in the July to May period of 2023-24 as compared to $25.64bn in the same period of the previous year.

Meanwhile, imports into the country during the period under review decreased by 2.37 per cent as it was registered at $49.802bn as against the imports of $51.010bn in the same period of last year.

As compared to the corresponding month of last, exports grew by 27.08 per cent in May 2024, whereas the imports into the country increased by 13.89 per cent.

During May 2024, exports from the country were recorded at $2.792bn as compared to the exports of $2.197bn, whereas the imports into the country were recorded at $4.902bn against the imports of $4.304bn of May 2023.

On month on month basis, the trade deficit narrowed by 15.43 per cent as in May 2024 as exports grew by 18.76 per cent and imports increased by 1.16 per cent.

During May 2024, exports from the country were recorded at $2.792bn as compared to the exports of 2.351bn of April, 2024, whereas the imports into the country during the period under review were recorded at $4.902bn as against the imports of $4.846 bn of April 2024.