The trade dynamics for Pakistan in April showcased a notable surge in the trade deficit, soaring by 2.81 times Year-on-Year (YoY) to $2.374 billion, a substantial increase from the $846 million deficit recorded in April 2023, as per data released by the Pakistan Bureau of Statistics (PBS).
On a monthly basis, the trade deficit widened by 3.16% Month-on-Month (MoM), reaching $2.374 billion compared to $2.3 billion in March 2024.
However, looking at the cumulative figures for the first ten months of Fiscal Year 2023-24 (10MFY24), there is a notable reduction of 17.09% YoY in the negative trade balance, which stood at $19.51 billion compared to $23.54 billion in 10MFY23.
Examining the specifics of exports, April witnessed a decline of 8.67% MoM to $2.35 billion, down from $2.57 billion in March 2024. Conversely, on a YoY basis, exports showed an increase of 10.02% compared to the $2.14 billion reported in April 2023.
In contrast, the country’s expenditure on imports during April saw a 3.08% MoM reduction, totaling $4.72 billion compared to $4.87 billion in the previous month. However, on a YoY comparison with April 2023, imports surged by 58.43%, reaching $2.98 billion.
Cumulatively, in the first ten months of FY24, exports amounted to $25.28 billion, while imports stood at $44.79 billion. This marks a YoY increase of 9.10% in exports and a 4.09% YoY decrease in imports, contributing to a reduced trade deficit over the fiscal year.
