ISLAMABAD: Pakistan’s trade deficit contracted by 33.59 percent to $9.378 billion during the first five months (July-November 2023) of the ongoing fiscal year from $14.122 billion for the same period a year ago, according to the Pakistan Bureau of Statistics (PBS).

The monthly trade data released by the PBS, on Friday, revealed that the country’s exports increased by 1.93 percent to $12.172 billion during the period under review (July-November 2023-24) from $11.942 billion for the same period a year ago.

As per the data, imports decreased by 17.32 per cent to $21.550 billion during the first five months of the current fiscal year from $26.064 billion for the same period of the last fiscal year.

On a month-on-month basis, trade deficit narrowed down by 13.16 per cent to $1.888 billion in November 2023 from $2.174 billion in October 2023. Exports declined by 4.39 per cent to $2.572 billion in November from $2.690 billion in October 2023, whereas, import decreased by 8.31 per cent to $4.460 billion from $4.864 billion in October 2023.

On a year-on-year basis in the month of November, trade deficit also decreased by 31.72 per cent to $1.888 billion from $2.765 billion during the same month of November 2022 of last fiscal year.

Imports decreased by 13.47 per cent on a year-on-year basis to $4.460 billion in November 2023 from $5.154 billion in November 2022, whereas, exports increased by 7.66 per cent to $2.572 billion in November 2023 from $2.389 billion in November 2022.

Copyright Business Recorder, 2023