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Print Print 2023-05-03

July-April FY23: Trade deficit declines 39.62pc to $23.71bn YoY

  • Country’s exports during July-April (2022-23) were recorded at $ 23.174 billion against the exports of $ 26.247 billion in July-April of 2021-22
Published May 3, 2023

ISLAMABAD: Pakistan’s trade deficit narrowed by 39.62 percent to $ 23.713 billion during the first 10 months (July-April) of the current fiscal year 2022-23 as compared to $ 39.272 billion during the same period of last year, the Pakistan Bureau of Statistics (PBS) said.

The country’s exports during July-April (2022-23) were recorded at $ 23.174 billion against exports of $ 26.247 billion in July-April of 2021-22, a decline of 11.71 percent, according to the trade data released by PBS on Tuesday.

The imports decreased by 28.44 percent during the period under review by going down from $ 65.519 billion last year to $ 46.887 billion during the current year.

Jul-Mar trade deficit shrinks 35.51pc to $22.9bn YoY

On a year-on-year basis, exports witnessed a decline of 26.68 percent and were recorded at $ 2.124 billion in April 2023 against the exports of $ 2.897 billion in April 2022.

The imports also decreased to $ 2.953 billion in April 2023 from $ 6.661 billion in April 2022, showing negative growth of 55.67 percent. The trade deficit narrowed by 77.98 percent on a YoY basis to $ 829 million in April 2023 compared to $3.764 billion in April 2022.

On a month-on-month basis, the exports during April 2023 decreased by 10.46 percent when compared to the exports of $2.372 billion in March 2023. The imports into the country decreased by 22.62 percent in April 2023 when compared to the imports of $3.816 billion in March 2023, according to the data.

The trade deficit narrowed by 42.59 percent on a month-on-month basis and stood at $ 829 million in April 2023 compared to $ 1.444 billion in March 2022.

Copyright Business Recorder, 2023

Comments

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Javed May 03, 2023 08:37am
China must write off its debt to Pakistan which is around $36 billion. When they have $3000 billion USD reservers, $36 billion is peanuts for them As of December 2022, Pakistan held $126.3 billion in external debt and liabilities, of which 30 percent is owed to China. As much as the Chinese government has supported Pakistan’s infrastructure development through CPEC, which Pakistan is determined to benefit economically from in the future, for now, the federal government is having to repeatedly turn to the Chinese for refinancing and a rollover of debts.
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Javed May 03, 2023 08:42am
China is benefitting more from CPEC than Pakistan. First they are charging high interest on their loans compared to IMF. Secondly they are sending their citizens to work on CPEC projects. China is reaping the benefits and Pakistan getting stuck with loans. So, as an iron friend China MUST write off its loans to Pakistan and save from interest burden. If they do, even other creditors might help. Problem solved.
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Tulukan Mairandi May 03, 2023 10:03am
Much easier to unjustly rule if your population only knows a 7th century book by heart, and nothing else.
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Fakhruddin May 03, 2023 10:46am
Please help me
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Rana Amir May 03, 2023 12:32pm
Fact Sheet It is expected that CA will be surplus by one billion dollar plus as I predict few months before that from April to June CA will be $3 billion plus. This is blessing in disguise that due to less foreign exchange we have band imported consumerism which will ultimately lead to domestic production and consumerism Thanks, Rana
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Khan May 03, 2023 12:38pm
Improving stats...
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Muhammad Younas Khattak May 03, 2023 01:01pm
Keep going, curtail imports but try to keep exports growth positive, the way forward without IMF In sha Allah..No more loans, we need foreign investment only..Even for infrastructure development, BOT model should be adopted and costly loans should be retired..
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Az_Iz May 03, 2023 10:36pm
@Javed, the beggar mindset has to change. The country should earn and pay its bills. No country will progress and become great with dole outs.
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Az_Iz May 03, 2023 10:39pm
@Tulukan Mairandi, the book is a foundation upon which to build on. When it was held in highest esteem, Muslims dominated the world including India.
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Az_Iz May 04, 2023 12:25am
With CAD in control, if exports and investment can be improved, there won’t be a need for loans and begging.
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Az_Iz May 04, 2023 03:23am
Control unnecessary luxury imports. Invest in physical, health and education infrastructure. Country can progress without begging for loans. It does earn quite a bit through exports and remittances. Where there is a will, there is a way.
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Rashid May 05, 2023 02:24am
Due to trade ban Pak is paying more for the same stale vegetables coming through middleman Dubai when Pak can get them fresh and cheaply direct from India. Dubai is making money out of Pak. India is NOT losing money as it is still selling the same vegetables to Dubai which comes to Pak eventually. But Pak still imports medicine directly from India. Glad and thanks that India did not ban medicine export to Pak.
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