Jul-Nov trade deficit shrinks 30.14pc to $14.406bn YoY

ISLAMABAD: Pakistan’s trade deficit narrowed down by 30.14 percent to $14.406 billion during the first five months (July-November) of the current fiscal year as compared to $20.621 billion during the same period of last year, says the Pakistan Bureau of Statistics (PBS).

The exports during July-November (2022-23) were recorded at $11.932 billion against the exports of $12.362 billion in July-November of 2021-22, a decline of 3.48 per cent, according to trade data released by PBS Thursday. The imports decreased by 20.15 per cent during the period under review by going down from $32.983 billion last year to $26.338 billion during the current year.

On a year-on-year basis, the exports witnessed a decline of 18.34 per cent and were recorded at $2.369 billion in November 2022 against the exports of $2.901 billion in November 2021.

Jul-Oct trade deficit narrows down 26.59pc

The imports also decreased to $5.245 billion in November 2022 from $7.899 billion in November 2021, showing negative growth of 33.60 per cent. The trade deficit narrowed by 42.46 per cent on a YoY basis to $2.876 billion in November 2022 compared to $4.998 billion in November 2021.

On a month-on-month basis, the exports during November 2022 declined by 0.63 per cent when compared to the exports of $2.384 billion in October 2022.

The imports into the country increased by 11.34 per cent in November 2022 when compared to the imports of $4.711 billion in October 2022, according to the data. The trade deficit widened by 23.59 per cent on a month-on-month basis and stood at $2.876 billion in November 2022 when compared to $2.327 billion in October 2022.

Copyright Business Recorder, 2022