Pakistan’s exports surge by 27.78% to $28.8bln in 11 months

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FY23 trade deficit

Islamabad: The Pakistan Bureau of Statistics (PBS) revealed that Pakistan’s exports increased by 27.78 per cent in the first eleven months of the current fiscal year (2021-22) compared to the same period the previous year.

According to PBS data, the country’s exports were $28.848 billion in July-May (2021-22), up from $22.576 billion in July-May (2020-21), a 27.78 per cent increase.

Pakistan's exports surge by 27.78% to $28.8bln in 11 months
Pakistan’s exports surge by 27.78% to $28.8bln in 11 months

Imports increased by 44.28 per cent from $50.028 billion in July-May of last year to $72.182 billion in July-May of this year (2021-22).

According to the data, the trade deficit for the period under consideration was $43.334 billion, up 57.85% over the previous year’s deficit of $27.452 billion, according to the PBS data.

Meanwhile, when compared to the same month the previous year, the country’s exports climbed by 55.66 per cent in May 2022. Exports during the month under review totalled $2.601 billion, compared to $1.671 billion in the same month the previous year.

Imports into the country climbed by 25.43 per cent from May 2021 to May 2022, from $5.297 billion to $6.644 billion.

Pakistan’s exports fell by 10.22% on a month-on-month basis in May 2022, compared to $2.897 billion in April 2022.

According to PBS data, imports into the country decreased by 0.52 per cent in May 2022, compared to imports of $6.679 billion in April 2022.

Meanwhile, the country’s services exports increased by 18.21% in the first ten months of this fiscal year to $5.788 billion, up from $4.897 billion the previous year.

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