Pakistan’s Trade Deficit Decreased by 27% to $3.2 Billion in August

Finance Minister Miftah Ismail Thursday announced that the country’s trade deficit decreased 27 percent year-on-year (YoY) to $3.2 billion in August.

Citing Federal Board of Revenue (FBR) data, the minister said that the aggregate of exports and remittances remained less than imports in August but added that “we will get there”.

Per FBR imports in Aug were $5.7b ⬇️ 13% from last year. Energy imports were $2b (up 5%) & non-energy imports were $3.6b (⬇️ 21%). Exports were 2.5b up 13%. Trade deficit was $3.2b ⬇️ 27%. Remittance were $2.7b up 2%. Exports + remittance still shy of imports. But we’ll get there

— Miftah Ismail (@MiftahIsmail) September 1, 2022

According to data shared by the minister, imports in August decreased 13 percent YoY to $5.7 billion. Energy imports registered an increase of 5 percent and stood at $2 billion while non-energy imports decreased by 21 percent to $3.6 billion.

Just like the imports, exports also registered an increase of 13 percent YoY and stood at 2.5 billion. Whereas remittances increased by 2 percent to $2.7 billion in August.