Pakistan’s trade deficit showed a notable improvement, contracting by 12.3% year-on-year to $24.09 billion during the fiscal year 2023-24, compared to $27.47 billion in the previous fiscal period.
According to the latest data released by the Pakistan Bureau of Statistics (PBS), exports in FY24 saw a healthy increase of 10.5% year-on-year, reaching $30.65 billion compared to $27.72 billion in FY23.
Meanwhile, imports experienced a marginal decrease of 0.8%, amounting to $54.73 billion for the year.
In the month of June alone, however, the trade deficit expanded by 30.4% year-on-year to $2.39 billion, up from $1.83 billion recorded in June last year. Month-on-month, the deficit widened by 15.1% from $2.08 billion in May 2024.
Exports in June rose by 7.3% year-on-year to $2.53 billion, although they decreased by 10.9% from the $2.84 billion reported in May 2024.
Import expenditure in June increased by 17.4% year-on-year to $4.92 billion, compared to $4.19 billion in June last year. Month-on-month, imports rose by 0.1% from May 2024.
Overall, Pakistan’s trade dynamics in FY24 indicate progress towards narrowing the deficit, driven by a robust increase in exports amidst stable import levels.
