AGL 37.72 Decreased By ▼ -0.22 (-0.58%)
AIRLINK 168.65 Increased By ▲ 13.43 (8.65%)
BOP 9.09 Increased By ▲ 0.02 (0.22%)
CNERGY 6.85 Increased By ▲ 0.13 (1.93%)
DCL 10.05 Increased By ▲ 0.52 (5.46%)
DFML 40.64 Increased By ▲ 0.33 (0.82%)
DGKC 93.24 Increased By ▲ 0.29 (0.31%)
FCCL 37.92 Decreased By ▼ -0.46 (-1.2%)
FFBL 78.72 Increased By ▲ 0.14 (0.18%)
FFL 13.46 Decreased By ▼ -0.14 (-1.03%)
HUBC 114.10 Increased By ▲ 3.91 (3.55%)
HUMNL 14.95 Increased By ▲ 0.06 (0.4%)
KEL 5.75 Increased By ▲ 0.02 (0.35%)
KOSM 8.23 Decreased By ▼ -0.24 (-2.83%)
MLCF 45.49 Decreased By ▼ -0.17 (-0.37%)
NBP 74.92 Decreased By ▼ -1.25 (-1.64%)
OGDC 192.93 Increased By ▲ 1.06 (0.55%)
PAEL 32.24 Increased By ▲ 1.76 (5.77%)
PIBTL 8.57 Increased By ▲ 0.41 (5.02%)
PPL 167.38 Increased By ▲ 0.82 (0.49%)
PRL 31.01 Increased By ▲ 1.57 (5.33%)
PTC 22.08 Increased By ▲ 2.01 (10.01%)
SEARL 100.83 Increased By ▲ 4.21 (4.36%)
TELE 8.45 Increased By ▲ 0.18 (2.18%)
TOMCL 34.84 Increased By ▲ 0.58 (1.69%)
TPLP 11.24 Increased By ▲ 1.02 (9.98%)
TREET 18.63 Increased By ▲ 0.97 (5.49%)
TRG 60.74 Decreased By ▼ -0.51 (-0.83%)
UNITY 31.98 Increased By ▲ 0.01 (0.03%)
WTL 1.61 Increased By ▲ 0.14 (9.52%)
BR100 11,289 Increased By 73.1 (0.65%)
BR30 34,140 Increased By 489.6 (1.45%)
KSE100 105,104 Increased By 545.3 (0.52%)
KSE30 32,554 Increased By 188.3 (0.58%)
Markets

Pakistan’s trade deficit contracts 12% YoY to $24.1bn in FY24

  • Exports increase by 10.5% to $30.7bn while imports decline 0.8% to $54.7bn
  • However, trade deficit increases by 15.13% to $2.39 billion in June
Published July 2, 2024

Pakistan’s trade deficit contracted over 12% to $24.09 billion during fiscal year 2023-24 (FY24) due to a considerable increase in exports and a marginal dip in imports, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday.

The country’s trade balance, gap between exports and imports, has been recorded at a deficit of $24.09 billion in July to June period of 2023-24 as compared to $27.47 billion in the same period of the previous year.

Exports increased substantially while imports saw a marginal decline, which reduced the trade deficit.

During FY24, Pakistan’s exports increased by 10.54% to $30.65 billion, up from $27.72 billion in the corresponding period of the previous year.

On the other hand, imports declined by 0.84% to $54.73 billion in FY24, as compared to $55.19 billion in FY23.

Pakistan’s trade deficit shrinks 18% YoY to $19.5bn in 10MFY24

Monthly figures

According to the PBS, the country’s trade deficit, however, increased significantly by 30.39% year-on-year to $2.39 billion in June 2024 from $1.83 billion in the same period of 2023.

Both exports and imports increased, however, the jump in imports was more pronounced.

Exports improved by 7.3% to $2.53 billion in June 2024 from $2.36 billion in the same month of the previous year. On the other hand, imports increased significantly by 17.43% to $4.92 billion in June 2024 from $4.2 billion in the same month last year.

Moreover, on a month-on-month basis, trade deficit increased notably by 15.13% to $2.39 billion as compared to $2.07 billion in May 2024.

The data showed exports decreased significantly while imports remained largely stable.

Exports declined by 10.92% to $2.53 billion when compared monthly to $2.84 billion in the preceding month of May. Meanwhile, imports inched up by 0.08% to $4.92 billion from $4.91 billion last month.

Comments

200 characters
Az_Iz Jul 02, 2024 05:20pm
Second best year for exports, in part due to increase in exports of food groups. Interesting to see if the momentum in exports can be maintained this year.
thumb_up Recommended (0) reply Reply
Az_Iz Jul 02, 2024 05:24pm
If the country can grow exports and remittances from here on,it can stand on it's own feet without begging and running around looking for support from brotherly countries.A welcome change.
thumb_up Recommended (0) reply Reply
Az_Iz Jul 02, 2024 05:27pm
$24 billion deficit in goods and another $3 billion deficit in service trade.Remittances around $30 billion.Means $3 billion earnings surplus.Glad the country can pay it's own bills.
thumb_up Recommended (0) reply Reply
Az_Iz Jul 02, 2024 05:31pm
Goods and services deficit of about $27 billion, to be paid with remittances of about $30 billion.Net $3 billion surplus in earnings.Lets hope this money along with loans,can be used productively.
thumb_up Recommended (0) reply Reply
test Jul 02, 2024 06:57pm
@Az_Iz , You are forgetting the 100 billion dollars external debt. But the problem is Pakistan doesn't have enough money to pay back the interest on that debt which is above 10 or 15 billion dollars..
thumb_up Recommended (0) reply Reply
Az_Iz Jul 02, 2024 10:25pm
@test, the numbers you are giving are principle and interest payments. Interest itself is about $3 billion.Every country has debt. And they pay interest, sometimes by taking loans.
thumb_up Recommended (0) reply Reply