Pakistan’s trade deficit shrank 18% to $19.5 billion during July-April (10MFY24) due to a considerable reduction in imports and an increase in exports, data released by the Pakistan Bureau of Statistics (PBS) showed on Thursday.

The country’s trade balance, gap between exports and imports, has been recorded at a deficit of $19.51 billion in July to April period of 2023-24 as compared to $23.53 billion in the same period of the previous year.

Imports reduced substantially while exports saw a notable increase, which reduced the trade deficit.

Pakistan’s trade deficit shrinks 25% to $17.03bn in 9MFY24

During 10MFY24, Pakistan’s exports increased by 9.1% to $25.28 billion from $23.17 billion in the corresponding period of the previous year.

On the other hand, imports declined by 4.09% to $44.79 billion in the July to April period, as compared to $46.70 billion in the same period of FY23.

Monthly figures

According to the PBS, the country’s trade deficit, however, increased massively by 180% year-on-year to $2.37 billion in April 2024 from $0.846 billion in the same period of 2023.

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

Exports improved by 10% to $2.35 billion in April 2024 from $2.13 billion in the same month of the previous year. On the other hand, imports increased significantly by 58.43% to $4.72 billion in April 2024 from $2.98 billion in the same month last year.

Moreover, on a month-on-month basis, trade deficit increased by a marginal 3.16% to $2.37 billion as compared to $2.30 billion in March 2024.

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

The data showed both exports and imports decreased on a monthly basis.

Exports declined by 8.67% to $2.35 billion when compared monthly to $2.57 billion in the preceding month of March. Meanwhile, imports decreased by 3.08% to $4.72 billion from $4.87 billion last month.