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Pakistan

YoY: Pakistan’s trade deficit shrinks 43% to $27.6bn in FY23

  • In FY22, trade deficit stood at a whopping $48.35 billion
  • Contraction in deficit comes on back of restrictions on imports
Published July 18, 2023 Updated July 19, 2023

Pakistan’s trade deficit narrowed 42.9% to $27.59 billion in FY23 mainly due to a massive reduction in imports, a direct result of administratively-controlled inward shipments.

The country’s trade balance, the gap between exports and imports, was recorded at a deficit of $27.59 billion in July to June period of the year 2022-23 as compared to $48.35 billion in the same period of the previous year, according to the latest data of Pakistan Bureau of Statistics (PBS).

Both exports and imports reduced in the period under review. However, imports fell more than exports, which has reduced the trade deficit. During FY23, the federal government and the State Bank of Pakistan imposed restrictions on imports.

During FY23, Pakistan’s exports reduced by 12.7% to $27.73 billion from $31.78 billion in the corresponding period of the previous year despite witnessing massive currency depreciation.

The currency depreciated by over Rs85 against the dollar in the last 12 months. However, exports did not show an improvement.

On the other hand, imports fell by 31% to $55.33 billion in the July to June period, down from $80.13 billion in the same period of FY22.

Monthly figures

According to the PBS, the country’s trade deficit shrunk by 62.3% to $1.863 billion in June 2023 from $4.945 billion in the same period of the last year.

Exports declined 19.1% to $2.356 billion in June 2023 from $2.911 billion in June of the previous year. Similarly, imports reduced by 46.3% to $4.219 billion in June 2023 from $7.85 billion in the same month last year.

On a monthly basis, the trade deficit declined by 12.4%, as compared to $2.128 billion in May 2023.

The data showed exports increased 7.1% to $2.356 billion in June from $2.2 billion in the preceding month of May. Meanwhile, imports have reduced by 2.5% to $4.219 billion from $4.328 billion in the last month.

Comments

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Ghazanfar Ali Jul 18, 2023 01:03pm
With all sort of restriction still trade deficit. Shame on us as Pakistanis. Handlers has destroyed Pakistan like no other. From last 20 25 years we are not able to increase our export from USD 20-25 billion weress Bangladesh has achieve export of 80 billion
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Tulukan Mairandi Jul 18, 2023 01:28pm
That's simply because there is no trade. Economy is grinding to a halt. We are sinking deeper and deeper into the abyss.
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Aqib Nuhullah Jul 18, 2023 02:02pm
Trade numbers for export are not correct. Please amend them it should be $27B according to my calculation
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Tulukan Mairandi Jul 18, 2023 02:07pm
That's simply because there is no trade. Economy grinding to a halt and people jobless and turning to the TTP for jobs.
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Love Your Country Jul 19, 2023 02:15am
Experiment after experiment every 3-4 years has meant one step forward two steps back and the result is written on the wall
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Khalistan Nov 09, 2023 06:07pm
@Ghazanfar Ali, pakistan export is 39 billion $ last year
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