Pakistan’s trade deficit shrank 33% to $13.167 billion during July-January (7MFY24) on account of a considerable reduction in imports and an increase in exports, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday.
The country’s trade balance, gap between exports and imports, was recorded at a deficit of $13.16 billion in July to January period of the year 2023-24 as compared to $19.55 billion in the same period of the previous year.
In the period under review, imports reduced substantially while exports saw a notable increase, which reduced the trade deficit.
Pakistan’s trade deficit shrinks over 34% to $11.15bn in 6MFY24
During 7MFY24, Pakistan’s exports increased by 7.89% to $17.78 billion from $16.48 billion in the corresponding period of the previous year.
On the other hand, imports fell by 14.11% to $30.94 billion in the July to January period, as compared to $36.03 billion in the same period of FY22.
Monthly figures
According to the PBS, the country’s trade deficit shrunk by 24.8% to $1.95 billion in January 2024 from $2.59 billion in the same period of the last year.
Exports improved significantly by 24.72% to $2.79 billion in January 2023 from $2.24 billion in the same month of the previous year. On the other hand, imports reduced marginally by 1.84% to $4.74 billion in January 2024 from $4.83 billion in the same month last year.
However, on a month-on-month basis, trade deficit increased by 6.5%, as compared to $1.83 billion in December 2023.
The data showed exports decreased while imports posted a marginal improvement on a monthly basis.
Exports declined by 1.13% when compared monthly to $2.82 billion in the preceding month of December. Meanwhile, imports inched up by 1.87% to $4.74 billion from $4.65 billion last month.
Earlier, Caretaker Minister of Commerce Dr Gohar Ejaz on Thursday had celebrated the year-on-year increase in exports during January.
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