Trade deficit shrinks by over 33.59pc to $9.4b in five months

ISLAMABAD-Pakistan’s trade deficit has shrunk by over 33.59 percent to $9.4 billion in the first five months (July to November) of the current fiscal year as imports have declined more than exports.
According to the latest data of Pakistan Bureau of Statistics (PBS), the country’s trade deficit has narrowed by 33.59 percent during the July-November period of the current fiscal year. The trade imbalance, gap between exports and imports, was recorded at $9.4 billion as against $14.12 billion during the same period of last fiscal year. Pakistan’s exports have enhanced by 1.93 per cent to $12.17 billion during July-November of the year 2023-24 as compared to $11.94 billion in the corresponding period of the last fiscal year. Meanwhile, imports declined by 17.32 percent to $21.55 billion during the first five months of the current fiscal year as compared with $26.1 billion in the same period of the last fiscal year.
The data further showed that the country’s trade deficit narrowed by 31.72 percent on a month-on-month basis to $1.888 billion in November 2023 when compared to $2.8 billion in October 2023. The exports have recorded a 7.66 percent increase to $2.8 billion in November 2023 when compared with $2.4 billion in October 2023. On the other hand, the imports have decreased by 13.47 percent to $4.5 billion in November 2023 when compared with $5.15 billion in October 2023.
The trade deficit narrowed by 13.16 percent on a year-on-year basis to $1.888 billion in November 2023 compared to $2.174 billion in November 2022. Imports have decreased by 8.31 percent on a YoY basis and remained $4.46 billion in November 2023 compared to $4.86 billion in November 2022. Exports have reduced by 4.39 per cent on a YoY basis and remained $2.57 billion in November 2023 compared to $2.69 billion in November 2022.

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