Print Print 2023-11-02

Jul-Oct FY24: Trade deficit shrinks 34.7pc YoY

  • Country’s exports increase by 0.66 percent to $9.617 billion during July-October 2023-24
Published November 2, 2023

ISLAMABAD: Pakistan’s trade deficit narrowed down by 34.70 percent in the first four months (July-October) of the current fiscal year 2023-24 as it stood at $7.416 billion compared to $11.356 billion during the same period of last fiscal year, says the Pakistan Bureau of Statistics (PBS).

The monthly data released by the Bureau noted that the country’s exports increased by 0.66 per cent to $9.617 billion during July-October 2023-24 compared to $9.554 billion in the corresponding period of the last fiscal year.

Imports declined by 18.54 per cent to $17.033 billion during the first four months of the current fiscal year as compared with $20.910 billion in the same period of the last fiscal year.

Aug trade deficit widens 29.86pc to $2.126bn MoM

On a month-on-month basis, trade deficit widened by 38.27 per cent to $2.099 billion in October 2023 when compared to $1.518 billion in September 2023. Exports recorded a 9.33 per cent increase to $2.707 billion in October 2023 when compared with $2.476 billion in September 2023. Import increased by 20.33 per cent to $4.806 billion in October 2023 when compared with $3.994 billion in September 2023.

The trade deficit narrowed by 4.46 per cent on a year-on-year basis and stood at $2.099 billion compared in October 2023 compared to $2.197 billion during the same month of last fiscal year.

The imports increased by 4.91 per cent on a YoY basis and remained $4.806 billion in October 2023 compared to $4.581 billion in October 2022. The exports increased by 13.55 per cent on a YoY basis and remained $2.707 billion in October 2023 compared to $2.384 billion in October 2022.

Copyright Business Recorder, 2023

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Az_Iz Nov 02, 2023 06:08am
Looks like the country is in a place where exports and remittances can pay for imports. If it can stay that way, and use more of the foreign exchange earnings towards investments in infrastructure, health and education instead of on consumption, it can make progress on its own , without begging for loans and support from brotherly countries. Then everyone can be so proud. People are sick of begging and borrowing, to get by.
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Az_Iz Nov 02, 2023 06:09am
Heading in the right direction. There is no reason why the country cannot stand on its own feet and make progress.
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SAd Nov 02, 2023 09:18am
Tough decision are finally paying dividends. Country is in right track
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dr.fahad Nov 02, 2023 01:42pm
@Az_Iz, impossible . population is increasing like rocket . 250 million after 20 years 500 million . resources in Pakistan can only support 100 million max . that's why needs import .
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