Trade deficit drops by 34.7pc, exports jump by 13.55pc in October: PBS report
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Trade deficit drops by 34.7pc, exports jump by 13.55pc in October: PBS report
ISLAMABAD (APP) – Pakistan’s merchandise trade deficit has decreased by 34.70 percent during the first four months of the current fiscal year compared to the same period last year, as reported by the Pakistan Bureau of Statistics (PBS).
The trade deficit for July-October 2023-24 stands at $7.416 billion, in contrast to the deficit of $11.356 billion recorded in July–October 2022-23, reflecting a negative growth of 34.70 percent.
During this review period, exports increased by 0.66 percent to $9.617 billion compared to $9.554 billion during the corresponding period last year, according to the latest PBS data.
Conversely, imports decreased by 18.54 percent, totaling $17.033 billion compared to $20.910 billion in the previous year.
Furthermore, on a year-on-year basis, the country's exports in October increased by 13.55 percent compared to the same month the previous year, reaching $2.707 billion as opposed to $2.384 billion in October 2022.
In contrast, imports in October 2023 amounted to $4.806 billion, up from $4.581 billion in October 2022, indicating a 4.91 percent increase, according to the data.
On a month-on-month basis, the country's exports increased by 9.33 percent when compared to the $2.476 billion in September 2023.
According to PBS, imports into the country rose by 20.33 percent compared to the $3.994 billion in September 2023.
