Karachi: Pakistan’s trade deficit shrank 30 percent to $ 14.87 billion during July-February (8MFY24) on account of considerable reduction in imports and an increase in exports, data released by Pakistan Bureau of Statistics (PBS) showed.

Country’s trade balance, gap between exports and imports was recorded at deficit of $ 14.9 billion in July to February period of year 2023-24 as compared to $ 21.3 billion in same period of previous year. During 8MFY24, Pakistan’s exports increased by 9 percent to $ 20.35 billion from $ 18.67 billion in corresponding period of previous year.

On other hand, imports fell by 11.87 percent to $ 35.22 billion in July to February period as compared to $ 39.97 billion in same period of FY22.

According to PBS, country’s trade deficit shrunk marginally by 1.95 percent to $ 1.71 billion in February 2024 from $ 1.75 billion in same period of last year. Exports improved significantly by 17.54 percent to $ 2.57 billion in February 2023 from $ 2.19 billion in same month of previous year. However, imports also spiked by 8.89 percent to $ 4.29 billion in February 2024 from $ 3.94 billion in same month last year.

On month-on-month basis, trade deficit decreased by 13.49 percent as compared to $ 1.98 billion in January 2023.

Data showed both exports and imports decreased, however, decline in imports was more pronounced on monthly basis.

Exports declined by 7.84 percent when compared monthly to $ 2.79 billion in preceding month of January. Meanwhile, imports decreased by 10.19 percent to $ 4.29 billion from $ 4.77 billion last month.

Published in The Daily National Courier, March, 02 2024

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