Pakistan’s Trade Deficit Soars by 143% in May

Pakistan’s trade deficit widened by 142.91 percent on a month-on-month basis in May 2023 and stood at $2.089 billion compared to $860 million in April 2023, according to the latest data released by the Pakistan Bureau of Statistics (PBS) on Friday.

However, the trade deficit narrowed by 40.59 percent to $25.791 billion during the first eleven months (July-May) of the current fiscal year 2022-23 (FY23) compared to $43.409 billion during the same period of last year.

The country’s exports during July-May FY23 were recorded at $25.366 billion against exports of $28.871 billion in July-May of FY22, a decline of 12.14 percent, according to the trade data released by PBS.

The imports decreased by 29.22 percent during the 11-month period, going down from $72.280 billion last year to $51.157 billion during the current year.

On a year-on-year basis, exports witnessed a decline of 16.69 percent and were recorded at $2.186 billion in May 2023 against the exports of $2.624 billion in May 2022.

The imports also decreased to $4.275 billion in May 2023 from $6.760 billion in May 2022, showing negative growth of 36.76 percent. The trade deficit narrowed by 49.49 percent on a YoY basis to $2.089 billion in May 2023 compared to $4.136 billion in May 2022.

On a month-on-month basis, the exports during May 2023 increased by 2.29 percent compared to the exports of $2.137 billion in April 2023. The imports into the country increased by 42.64 percent in May 2023 when compared to the imports of $2.997 billion in April 2023, according to the data.

Get Alerts

Follow ProPakistani to get latest news and updates.

ProPakistani Community

Join the groups below to get latest news and updates.