Trade deficit shrinks as imports record significant decline than exports
Business
Figures down at both monthly, yearly basis
ISLAMABAD (Web Desk) – Pakistan is unable to check the persistent decline in exports as the latest data shows the figures for July – the first month of the current fiscal year – stood at $2.057 billion against $2.356bn recorded in June, depicting a 12.68 decrease.
However, the figures released by the Pakistan Bureau of Statistics (PBS) on Tuesday reveal that the process of narrowing trade deficit isn’t hampered – a fact that is boosted by the Shehbaz Sharif-led government again and again amid its utter failure to rescue the people experiencing the devastating consequences of a record-high inflation.
The PBS data says that Pakistan’s trade deficit in July was down 13.35pc on month-on-month basis –$1.607bn in July when compared to $1.863bn in June 2023.
Hence, the imports too are witnessing a consistent decline with a latest 13.15pc dip in July while being recorded at $3.664bn against the last month’s total of $4.219bn.
On the other hand, the exports, on a year-on-year basis, were down by 8.57pc in July 2023 at $2.057bn when compared to $2.250bn in July 2022.
But the decrease in the case of imports is even more starker – $3.664b in July 2023 from $4.981bn during the corresponding month of 2022. It means Pakistan’s imports were down 26.44oc on year-on-year basis.
That’s why the trade deficit shrank $1.607bn in July 2023 against $2.731bn in July 2022 on year-on-year basis after 41.16pc dip.
