The trade deficit contracted by 40.29 percent during the first two months of the current fiscal year compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported Monday.
The Trade deficit during July-August (2023-24) was recorded at $3.763 billion as against the deficit of $6.302 billion in July–August (2022-23), showing negative growth of 40.29 percent.
During the period under review, the exports declined by 6.38 percent to $4.431 billion compared to the exports of $4.733 billion during the corresponding period of last year, according to latest PBS data.
On the other hand, the imports narrowed by 25.75 percent and were recorded at $8.194 billion compared to $11.035 billion last year.
Meanwhile, on year-on-year basis, the exports from the country declined by 4.83 percent in August compared to the exports of the same month of last year. The exports during the month were recorded at $2.363 billion as against the exports of $2.483 billion in August 2022.
On the other hand, the imports during August 2023 were recorded at $4.489 billion compared to the exports of $6.054 billion in August 2022, showing decline of 25.85 percent, according to the data.
On month-on-month basis, the exports from the country increased by 14.27 percent and were recorded at $2.363 billion in August 2023 compared to the exports of $2.068 billion in July 2023.
The imports into the country also went up by 21.16 percent by going up from $3.705 billion in July 2023 to $4.489 billion in August 2023, PBS reported.—APP
