ISLAMABAD: Pakistan’s trade deficit saw a significant contraction by 34% in the first half of the current fiscal year (1HFY24), according to recent data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.
Comparing July-December FY24 to the corresponding period in FY23, the trade deficit plummeted from $16.965 billion to $11.148 billion, marking a notable improvement.
The December 2023 statistics indicate a month-on-month decrease of 13% and a year-on-year decrease of 40%, showcasing a trade deficit of $1.702 billion.
During the reviewed period, exports surged by 5% to $14.981 billion from $14.244 billion last year, while imports plummeted by 16% to $26.129 billion compared to $31.209 billion.
December 2023 exhibited a 22% increase in exports compared to the same period in the previous year, reaching $2.812 billion, alongside a 12% decrease in imports, recorded at $4.514 billion.
Dr. Gohar Ejaz, the Minister for Commerce, Industries, emphasized the impressive export growth, citing a 22.2% increase in December on a YoY basis and a 9.3% rise from November 2023. Importantly, imports also decreased by 12.25% in December 2023.
Ejaz highlighted the broader scenario, noting a 5.2% growth in exports during Jul-Dec 2023 and a substantial 16.28% reduction in imports compared to the same period in 2022.
The minister expressed optimism about the country’s export potential, aiming for a monthly export capacity of USD 3 billion soon. He emphasized the government’s commitment to export-led growth, targeting USD 8 billion per month through the implementation of the new industry policy under the SIFC framework.
“The Ministry of Commerce is dedicated to enhancing Pakistan’s export prowess and fostering an environment for sustainable economic growth. These positive strides reflect our ongoing efforts and the resilience of Pakistani businesses,” stated Dr. Gohar Ejaz.
