Pakistan trade deficit reduced to $5.29bn in Q1

Pakistan scored trade deficit of $5.29bn in first quarter of 2023-24
Pakistan had $9.16bn of trade deficit in the same period last year
Pakistan Bureau of Statistics (PBS) states trade deficit narrowed by 42.25%

Pakistan’s trade balance the gap between exports and imports, was recorded at $5.3 billion as against $9.16 billion during the same period of last fiscal year. Pakistan’s exports have declined by 3.78 per cent to $6.9 billion during July-September of the year 2023-24 as compared to $7.2 billion in the corresponding period of the last fiscal year.

Both exports and imports reduced in the period under review. Pakistan’s exports reduced by 3.8% to $6.9 billion from $7.17 billion in the corresponding period of the previous year despite massive currency depreciation.

According to the PBS, the country’s trade deficit shrunk by nearly 48% to $1.489 billion in September 2023 from $2.856 billion in the same period of the last year.

Exports improved marginally by 1.1% to $2.47 billion in September 2023 from $2.44 billion in September of the previous year.

Similarly, imports reduced by 25.5% to $3.95 billion in September 2023 from $5.29 billion in the same month last year.On a monthly basis, the trade deficit declined by 31.5%, as compared to $2.16 billion in August 2023.