Pakistan’s Exports Decline by Almost 13% in First Month of FY24

The country’s exports declined by 13 percent on month on month (MoM) basis in the first month (July) of the current fiscal year 2023-24 (FY24) and stood at $2.057 billion compared to $2.356 billion in June 2023, says Pakistan Bureau of Statistics (PBS).

Meanwhile, the country’s trade deficit narrowed by 13.35 percent on a MoM basis and stood at $1.607 billion in July 2023 compared to $1.863 billion in June 2023. The country’s imports decreased by 13.15 percent in July 2023 and stood at $3.664 billion compared to $4.219 billion in June 2023.

On a year-on-year basis, exports witnessed a decline of 8.57 percent and were recorded at $2.057 billion in July 2023 against the exports of $2.250 billion in July 2022.

The imports also decreased to $3.664 billion in July 2023 from $4.981 billion in July 2022, showing negative growth of 26.44 percent. The trade deficit narrowed by 41.16 percent on a YoY basis to $1.607 billion in July 2023 compared to $2.731 billion in July 2022.