Pakistan’s trade deficit for the eleven months of fiscal year 2023-24 decreased by 15.25 per cent year-on-year (YoY) to $21.73 billion, compared to $25.64 billion in the same period last fiscal year.
In May 2024, the trade deficit slightly increased by 0.1 per cent YoY to $2.11 billion, compared to $2.11 billion in May 2023. However, on a monthly basis, the trade deficit dropped by 15.4 per cent compared to April 2024, when it stood at $2.5 billion.
According to data from the Pakistan Bureau of Statistics (PBS), exports in May surged by 27.1 per cent YoY to $2.79 billion, up from $2.2 billion in May 2023.
Monthly exports also showed a notable increase of 18.8 per cent compared to April 2024, which recorded exports at $2.35 billion. On the other hand, imports during May 2024 grew by 13.9 per cent YoY, reaching $4.9 billion, compared to $4.3 billion in May 2023. In comparison to April 2024, imports saw a slight uptick of 1.2 per cent month-on-month (MoM), compared to $4.85 billion.
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These figures reveal a mixed trend in Pakistan’s trade dynamics, with a significant reduction in the annual trade deficit but a slight increase in the monthly deficit, driven by a substantial surge in exports and a moderate rise in imports.
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