Pakistan's trade deficit narrows 39.62pc to $23.71bn in 10MFY23
Business
On a year-on-year basis, the exports witnessed a decline of 26.68pc
LAHORE (Web Desk) - The country's trade deficit declined by 39.62 per cent to $23.713 billion during the first 10 months (July-April) of the current fiscal year 2022-23 as compared to $39.272bn during the corresponding period of 2021-22.
According to the Pakistan Bureau of Statistics (PBS), the country’s exports during 10MFY23 were recorded at $23.174bn against the exports of $26.247bn in July-April of 2021-22, showing a decline of 11.71pc. The imports fell by 28.44pc during the period under review by going down from $65.519bn last year to $46.887bn during the current year.
On a year-on-year basis, the exports witnessed a decline of 26.68pc and were recorded at $2.124bn in April 2023 against the exports of $2.897bn in April 2022.
The imports also plunged to $ 2.953bn in April 2023 from $6.661bn in April 2022, showing a negative growth of 55.67pc. The trade deficit narrowed by 77.98pc on a YoY basis to $829 million in April 2023 compared to $3.764bn in April 2022.
On a month-on-month basis, the exports during April 2023 decreased by 10.46pc when compared to the exports of $2.372bn in March 2023. The imports into the country decreased by 22.62pc in April 2023 when compared to the imports of $3.816bn in March 2023, according to the data.
The PBS data further shows that the trade deficit narrowed by 42.59pc on a MoM basis to stand at $829m in April 2023 as compared to $1.444bn in March last year.
