Karachi: The first month of the fiscal year 2023 saw a significant drop in Pakistan’s exports and imports, the Pakistan Bureau of Statistics reported on Wednesday.
According to the revised statistics on trade by the PBS, exports of the country dropped by 22.7pc month-on-month basis to $2.25 billion during July of the fiscal year 2023 from $2.9 billion in June.
Similarly, there was also a major fall in the total imports as they also dropped by 36.6pc to $4.9 billion compared to $7.8 billion recorded during June 2022.
Cumulatively, the imbalance between imports and exports dropped to 44.8pc on MoM and stood at $2.7 billion in July 2022 compared to $4.9 billion in June 2022.
Meanwhile, on a year-on-year basis, the trade deficit narrowed by 15.3pc and clocked in at $2.7 billion in July 2022 compared to $3.2 billion in July 2021.
Exports also declined by 3.6pc on a YoY basis and fell to $2.2 billion in July 2022 from $2.340 billion in July 2021.
Read: Whopping $48.38bn trade deficit recorded during FY22
At the same time, imports also witnessed a decline of 10.4pc on a YoY basis and dropped to $4.9 billion in July 2022 from $5.575 billion in July 2021.
Read: Pakistan’s Current Account Deficit crosses $17B mark during FY22
