Pakistan sees 43pc reduction in trade deficit in 2022-23
Business
Exports down 12.71pc, imports by 31pc
ISLAMABAD (APP) – Pakistan’s trade deficit narrowed by 43.03 per cent to $27.547 billion during 2022-23 against $48.354bn recorded in the previous fiscal year 2021-22, shows the latest official figures.
According to the Pakistan Bureau of Statistics (PBS), the country’s exports in 2022-23 stood at $27.744 billion when compared to $31.782 billion in 2021-22, representing a 12.71pc decline.
Similarly, the imports decreased by 31pc during the period under review by going down from $80.136bn in 2021-22 to $55.291bn during 2022-23.
On a year-on-year basis, exports witnessed a decline of 18.71pc and were recorded at $2.366bn in June 2023 against $2.911bn in June 2022.
The imports also decreased to $4.180bn in June 2023 from $7.857bn in June 2022, showing negative growth of 46.80pc.
When it comes to trade deficit, it narrowed by 63.32pc to $1.814bn in June 2023 compared to $4.946bn in June 2022.
On a month-on-month basis, the exports during June 2023 increased by 7.55pc when compared to the exports of $2.200bn in May 2023. The imports decreased by 3.42pc in June 2023 when compared to the imports of $4.328bn in May 2023.
The trade deficit narrowed by 14.76pc on a month-on-month basis and stood at $1.814bn in June 2023 compared to $2.128bn in May 2023.
