YoY: Pakistan's trade deficit contracts 31.9pc in seven months
The imports declined by 22.53pc during the period under review
ISLAMABAD (Web Desk) -- Pakistan’s trade deficit shrank by 31.97 per cent to $19.632 billion during the first seven months (July-January) of the current fiscal year 2022-23 as compared to $28.859 billion during the same period of last year.
The data released by the Pakistan Bureau of Statistics (PBS), shows that the country’s exports during July-January (2022-23) were recorded at $16.469bn against the exports of $17.739bn in July-January of 2021-22, showing a decline of 7.16per cent.
The imports declined by 22.53pc during the period under review by going down from $46.598bn last year to $36.101bn during the current year.
On a year-on-year basis, exports witnessed a decline of 15.42pc and were recorded at $2.211bn in January 2023 against the exports of $2.614bn in January 2022.
The imports also decreased to $4.856bn in January 2023 from $6.036bn in January 2022, showing a negative growth of 19.55pc. The trade deficit narrowed by 22.71pc on a YoY basis to $2.645bn in January 2023 compared to $3.422bn in January 2022.
On a month-on-month basis, the exports during January 2023 declined by 4.41pc when compared to the exports of $2.313bn in December 2022. The imports into the country decreased 5.78pc in January 2023 when compared to the imports of $5.154bn in December 2022, the data further reveales.
The trade deficit contracted by 6.90pc on a month-on-month basis and stood at $2.645bn in January 2023 compared to $2.841bn in December 2022.