ISLAMABAD: Pakistan’s trade deficit narrowed down by 42.25 percent in the first quarter (July-Sept) of the current fiscal year 2023-24 as it stood $5.289 billion compared to $9.159 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 decreased by 3.78 percent to $6.899 billion during July-September 2023-24 compared to $7.170 billion in the corresponding period of the last fiscal year.

Imports declined by 25.36 per cent to $12.188 billion during the first quarter of the current fiscal year as compared with $16.329 billion in the same period of the last fiscal year.

On a month-on-month basis trade deficit narrowed by 31.13 per cent to $1.489 billion in September 2023 when compared to $2.162 billion in August 2023.

Exports recorded a 4.18 per cent increase to $2.465 billion in September 2023 when compared with $2.366 billion in August 2023.

Import declined by 12.68 per cent to $3.954 billion in September 2023 when compared with $4.528 billion in August 2023.

The trade deficit narrowed by 47.86 per cent on a year-on-year basis and stood at $1.489 billion compared in September compared to $2.856 billion during the same month of last fiscal year.

The imports declined by 25.30 per cent on a YoY basis and remained $3.954 billion in September 2023 compared to $5.293 billion in September 2022. The exports increased by 1.15 per cent on a YoY basis and remained $2.465 billion in September 2023 compared to $2.437 billion in September 2022.

Copyright Business Recorder, 2023