Islamabad: The trade deficit of Pakistan plunged by 21.92% on a month-on-month (MoM) basis during October of the fiscal year 2023, the Pakistan Bureau of Statistics reported.
According to the provisional report by PBS on trade statistics, during October – the fourth month of FY23 – the trade deficit fell to $2.26 billion from $2.9 billion recorded a month earlier.
During October, exports were recorded at $2.37 billion. However, imports amounted to $4.63 billion.
Similarly, on a year-on-year (YoY) basis, the trade deficit plunged by 42% as the imbalance between exports and imports was $3.9 billion during October last year.
Cumulatively, the trade deficit shrank by 26.6% to stand at $11.46 billion in the first four months of FY23 compared to the same period last year when it had stood at $15.62 billion.
It is pertinent to mention that the trade deficit of Pakistan recorded a whopping increase of 55.7% during the fiscal year 2022, taking the total imbalance between imports and exports to $48.38 billion. Fuelled by the soaring trade imbalance and rising current account deficit, the forex exchange reserves have fallen to the $7.43 billion level as of October 21.