Trade deficit narrows by 33.18pc in 8 months of FY23
Business
Trade deficit narrows by 33.18pc in 8 months of FY23
ISLAMABAD (Dunya News) – The trade deficit witnessed a decline of 33.18 percent during the first eight months the current fiscal year as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.
The trade deficit during July-February (2022-23) was recorded at $21.300 billion against the deficit of $31.879 billion in July- February (2021-22), a decline of 33.18 percent.
The exports during the period were recorded at $18.793 billion against $20.573 billion last year, showing a decline of 8.65 percent.
On the other hand, the imports witnessed a sharp decline of 23.56 percent falling from $52.452 billion last year to $40.093 billion during the current fiscal year.
On a year-on-year basis, the exports from the country witnessed a decline of 18.67 percent and were recorded at $2.305 billion in February 2023 against the exports of $2.834 billion in February 2022.
The imports also decreased to $4.009 billion in February 2023 from $5.853 billion in February 2022, showing negative growth of 31.51 percent.
On a month-on-month basis, the exports during February 2023 however increased by 2.72 percent when compared to the exports of $2.244 billion in January 2023.
The imports into the country declined by 17.76 percent in February 2023 when compared to the imports of $4.875 billion in January 2023, according to the data.
