Exports down 24pc in July: PBS

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Exports July PBS

Karachi: The first month of the current fiscal year saw a major decline in exports as it dropped by 24pc month-on-month basis to $2.2 billion during July of the fiscal year 2023 from June’s $2.9 billion, the Pakistan Bureau of Statistics reported on Tuesday.

According to the PBS, there was also a major downshift in the total imports as it also dropped by 38.3pc to $4.861 billion compared to a $7.9 billion recorded during June 2022.

Read: Whopping $48.38bn trade deficit recorded during FY22

The report also showed that the imbalance between imports and exports dropped to 46.76pc on MoM and stood at $2.642 billion in July 2022 compared to $4.962 billion in June 2022.

On a year-on-year basis, the trade deficit narrowed by 18.33pc and remained at $2.642 billion in July 2022 compared to $3.235 billion in July 2021.

Exports declined by 5.17pc on a YoY basis and remained at $2.219 billion in July 2022 compared to $2.340 billion in July 2021.

Imports declined by 12.81pc on a YoY basis and remained $4.861 billion in July 2022 compared to $5.575 billion in July 2021.

Read: Pakistan’s Current Account Deficit crosses $17B mark during FY22

Exports July PBS
Source: PBS

“Efforts to reduce imports bore fruits”

Earlier, Finance Minister Miftah Ismail in a tweet had attributed the drop in imports to the efforts of the government.

“Our efforts to reduce imports have finally borne fruit. Imports in July, per FBR data, were only $5.0b compared to $7.7b in June. Given that we have pulled Pakistan back from the brink of default, our govt is determined to minimise the large current account deficit left by PTI,” Miftah Ismail had said in a tweet.

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