YoY: Pakistan’s trade deficit shrinks 12pc to $24.1bn in FY24

Islamabad: The country’s trade deficit shrank over 12 per cent to $24.09 billion during the fiscal year 2023-24.  

Data released by the Pakistan Bureau of Statistics (PBS) on Tuesday revealed that the contraction was witnessed owing to a considerable increase in exports and a marginal dip in imports,

The country’s trade balance, a gap between exports and imports, has been recorded at a deficit of $24.09bn in the July to June period of 2023-24 as compared to $27.47bn in the same period of the corresponding year. 

Pakistan’s exports increased by 10.54pc to $30.65bn in FY24, up from $27.72bn in the corresponding period of the previous year. On the other hand, imports declined by 0.84pc to $54.73bn in FY24, as compared to $55.19bn in FY23.