Pakistan has witnessed a 34.70 percent reduction in trade deficit during the initial four months (July-October) of the fiscal year 2023-24, standing at $7.416 billion, down from the $11.356 billion recorded during the same period in the previous fiscal year 2022-23.
According to data released by the Pakistan Bureau of Statistics (PBS), Pakistan’s exports saw a minimal increase of 0.66 percent, totaling $9.617 billion during the July-October 2023-24, compared to the $9.554 billion figure from the previous fiscal year’s corresponding period.
Meanwhile, imports experienced a significant decline of 18.54 percent, with the value dropping to $17.033 billion, down from $20.910 billion in the same period last fiscal year.
On a monthly basis, there was a 38.27 percent expansion in the trade deficit for October 2023, with the figure reaching $2.099 billion, compared to $1.518 billion in September 2023.
In the same period, exports increased by 9.33 percent, totaling $2.707 billion, an improvement from the $2.476 billion recorded in September 2023. Imports in October 2023 increased by 20.33 percent, amounting to $4.806 billion, compared to $3.994 billion in September 2023.
Looking at the year-on-year comparison for October 2023, the trade deficit narrowed by 4.46 percent, standing at $2.099 billion compared to $2.197 billion in the same month of the previous fiscal year.
Imports showed a year-on-year increase of 4.91 percent, remaining at $4.806 billion in October 2023, compared to $4.581 billion in October 2022. Exports experienced a substantial year-on-year growth of 13.55 percent, reaching $2.707 billion in October 2023, compared to $2.384 billion in October 2022.
