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Pakistan’s trade deficit shrank 34.29% to $11.15 billion in 6MFY24 on account of significant reduction in imports, a consequence of administratively controlled measures, and a marginal improvement in exports.

The country’s trade balance, gap between exports and imports, was recorded at a deficit of $11.15 billion in July to December period of the year 2023-24 as compared to $16.97 billion in the same period of the previous year, according to data released on Tuesday by the Pakistan Bureau of Statistics (PBS).

In the period under review, imports saw a massive decrease while exports saw a marginal increase, which reduced the trade deficit.

Pakistan’s trade deficit narrows 34% to $9.38bn in 5MFY24

During 6MFY24, Pakistan’s exports increased by 5.17% to $14.98 billion from $14.24 billion in the corresponding period of the previous year.

Exports improved significantly by 22.2% to $2.8 billion in December 2023

On the other hand, imports fell by 16.3% to $26.13 billion in the July to December period, down from $31.21 billion in the same period of FY22.

Monthly figures

According to PBS, the country’s trade deficit shrunk by over 40% to $1.7 billion in December 2023 from $2.84 billion in the same period of the last year.

Exports improved significantly by 22.2% to $2.8 billion in December 2023 from $2.3 billion in same month of the previous year. On the other hand, imports reduced by 12.25% to $4.51 billion in December 2023 from $5.14 billion in the same month last year.

On a monthly basis, the trade deficit declined by 13.4%, as compared to $1.96 billion in November 2023.

The data showed that exports increased while imports posted a marginal decline monthly.

Exports improved by 9.3% when compared on a monthly basis to $2.57 billion in the preceding month of November. Meanwhile, imports reduced by 0.55% to $4.51 billion from $4.54 billion last month.

Comments

200 characters
zaya zaya Jan 02, 2024 02:28pm
If you stop spending on food and petrol your household debt will shrink also; if imports are reduced and those imports are needed by exporters Raw Material then yeh apnaye aap purr thook phankana hai (spitting at the moon); its a false comfort as the reasons for decline is artificial and superficial, not the right Macro Economic policy.
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waqar azeem Jan 02, 2024 02:40pm
Can anyone tell which sector contributed most in the increase of December 2023 exports.
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Rebirth Jan 02, 2024 03:00pm
If we don’t decrease our trade deficit, we will become another US, a country that has a trillion dollar trade deficit, which would be close to 5% of their GDP. At this rate, our trade deficit would reach 5% of our GDP, as well. Do we wish to go bankrupt and face a law and order collapse with millions of people entering our borders without check, and mass shooting attacks by apparently crazy people in every public place, school and place of worship in every major city? No, we don’t. The mental health problems of their people are quite interesting because they almost always know how to conduct a mass shooting attack in a public place without getting noticed even after they achieve their objective. They know how to physically reach these places, know the whereabouts of the law enforcers and on occasion, they escape unnoticed. Yet, they don’t have proper functioning brains. Wonder why their psychoanalyst quacks never figured this out. Probably because some of them have a Holocaust grudge.
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John Jan 02, 2024 03:38pm
"Pakistan’s trade deficit shrinks over 34% to $11.15bn in 6MFY24" A clear indication of the tanking economy!
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Dr fahad Jan 02, 2024 03:47pm
@John, `Indian agent . read the article . monthly exports increased by 22.5% to 2.84 billion usd
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TrthSkr Jan 02, 2024 03:48pm
@John, And they are trying to hype up minerals!
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HashBrown® Jan 02, 2024 04:10pm
@Rebirth, "Wonder why their psychoanalyst quacks never figured this out." Interesting post. I agree in part, but we have to remember that unlike Pakistan, the US was built on a graveyard - the ethnic cleansing of about 60 million native Americans. The Europeans who live there today are all descended from violent bigoted illegal immigrants, and this has been whitewashed out of history by decades of media manipulation. So just like a child with a traumatised past will be more inclined to violence, so it is with the US - born out of genocide and slavery, now spreading its hate throughout the world.
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HashBrown® Jan 02, 2024 04:20pm
@TrthSkr, "And they are trying to hype up minerals!" And you guys are trying to become permanently members of the UN even though you sit below Pakistan on the Global Hunger Index. So which country is more deluded do you think?
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Az_Iz Jan 02, 2024 05:47pm
Very positive turnaround. Exports increasing by 22% this month. This is how the country can make progress, and make so many proud. Being able to stand on one's feet, and pay the bills with earnings from exports and remittances. No more running around begging for loans and support from brotherly countries. No more celebrations and spreading of good news once a loan has been approved. No more rejoicing, for having averted a default, again and again. The country is capable of making progress on it's own. And everyone can be proud of it.
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Az_Iz Jan 02, 2024 05:53pm
Provide more public transportation, which is more efficient. Don't let cities grow horizontally forever. This will reduce fuel imports. People should save more. Pakistanis's savings rate has always been at least 10% behind India and Bangladesh at every stage of development. Making these changes will reduce imports even more, while also helping individuals build more wealth. It will also contribute to lowering of inflation.
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Az_Iz Jan 02, 2024 05:56pm
22% increase in exports is commendable, given that gas and electricity tarrifs have gone up lately.
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Az_Iz Jan 02, 2024 05:58pm
What happened to the bar chart. It gives a better picture of progress, MOM and YOY data, as well as the trend.
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Kureshi Jan 02, 2024 06:05pm
Looks good that imports are reducing
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Faisal Khan Jan 03, 2024 09:15am
@Az_Iz, quite right.. public transportation is the right choice... Reduce imports directly for s.all vehicles which will indirectly reduce you import bills... Govt should increase tariff on imported vehicles and spare parts and allow zero tariff on cdk units of buses...
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