Pakistan’s trade balance improved in November 2023, as the country’s exports grew faster than its imports, compared to the same month last year.
According to the latest data released by the Pakistan Bureau of Statistics (PBS), Pakistan exported goods worth $2,573 million (PKR 734,541 million) and imported goods worth $4,539 million (PKR 1,295,968) in November 2023, showing an increase of 7.7% and a decrease of 12% in US dollar terms, respectively.
The increase in exports was mainly driven by the high demand for rice, cotton yarn, mobile phones, and oil seeds, nuts and kernels, which recorded double-digit or triple-digit growth rates in November, 2023. Rice exports, in particular, surged by 186.08% in rupee terms and 100% in dollar terms, reaching $116.67 million in November, 2023.
However, exports declined by 4.35% in dollar terms on a month-on-month basis, as some of the major export items such as knitwear, bed wear, towels, and petroleum products witnessed a decrease in their value in November, 2023, compared to October, 2023.
On the other hand, imports also decreased by 12% in dollar terms in November, 2023, compared to the same month last year, reaching $4,539 million. The main commodities of imports were petroleum crude, petroleum products, natural gas, palm oil, iron and steel, and electrical machinery and apparatus.
Imports also declined by 6.68% in dollar terms on a month-on-month basis, as some of the major import items such as petroleum products, plastic materials, and mobile phones witnessed a decrease in their value in November, 2023, compared to October, 2023.
As a result, the trade deficit widened by 11.93% in dollar terms in November, 2023, compared to the same month last year, reaching $1.96 billion. The trade deficit also narrowed by 6.68% in dollar terms on a month-on-month basis, as the decrease in imports was higher than the decrease in exports.
The cumulative trade deficit for the first five months of the fiscal year 2023-24 (July-November) stood at $9.45 billion, showing a decrease of 17.01% in dollar terms compared to the same period last year.
The cumulative exports for the same period totaled $12.17 billion, showing an increase of 1.93%, while the cumulative imports totaled $21.6 billion, showing a decrease of 17.01%.
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