Pakistan’s trade deficit contracted by 33.59 percent during the first five months of the current fiscal year (5MFY24) compared to the corresponding period of last year (5MFY23), according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.
The trade deficit in July-November FY24 was recorded at $9.378 billion compared to the deficit of $14.122 billion in July-November FY23.
During the period under review, the exports increased by 1.93 percent to $12.172 billion compared to the exports of $11.942 billion during the corresponding period of last year, according to the PBS data.
On the other hand, the imports narrowed by 17.32 percent and were recorded at $21.550 billion compared to $26.064 billion last year.
Meanwhile, on a year-on-year basis, the exports increased by 7.66 percent in November compared to the exports of the same month of last year. The exports during the month were recorded at $2.572 billion compared to exports of $2.389 billion in November 2022.
On the other hand, the imports during November 2023 were recorded at $4.460 billion compared to the imports of $5.154 billion in November 2022, showing a decrease of 13.47 percent.
On a month-on-month basis, the exports decreased by 4.39 percent when compared to the exports of $2.690 billion during October 2023. The imports went down by 8.31 percent when compared to the imports of $4.864 billion in October 2023.
