ISLAMABAD: Trade deficit witnessed decline of 40.59 percent during first eleven months of current fiscal year as compared to corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

Trade deficit during July-May 2022-23 was recorded at $ 25.791 billion against deficit of $ 43.409 billion in July- May 2021-22, decline of 40.59 percent. Exports during period were recorded at $ 25.366 billion against $ 28.871 billion last year, showing decline of 12.14 percent. On other hand, imports witnessed sharp decline of 29.22 percent by falling from $ 72.280 billion last year to $ 51.157 billion during current fiscal year. On year-on-year basis, exports from country witnessed decline of 16.69 percent and were recorded at $ 2.186 billion in May 2023 against exports of $ 2.624 billion in May 2022.

Imports also decreased to $ 4.275 billion in May 2023 from $ 6.760 billion in May 2022, showing negative growth of 36.76 percent. On month-on-month basis, exports during May 2023 however increased by 2.29 percent when compared to exports of $2.137 billion in April 2023.

Imports into country also increased by 42.64 percent in May 2023 when compared to imports of $ 2.997 billion in April 2023, according to data.

Published in The Daily National Courier, June, 07 2023

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