PAKISTAN’S TRADE DEFICIT NARROWS BY 15.2% YOY IN ELEVEN MONTHS OF FY2023-24

In the first eleven months of the fiscal year 2023-24, Pakistan’s trade deficit reduced by 15.2% year-on-year (YoY), decreasing to $21.73 billion from $25.64 billion in the same period last year, according to data released by the Pakistan Bureau of Statistics (PBS).

MAY 2024 TRADE DATA OVERVIEW

For May 2024, the trade deficit edged slightly higher by 0.1% YoY, totaling $2.11 billion, almost identical to the deficit recorded in May 2023. However, on a month-over-month (MoM) basis, the trade deficit shrank by 15.4% from $2.5 billion in April 2024.

EXPORTS SURGE SIGNIFICANTLY

Exports in May 2024 saw a substantial increase, rising by 27.1% YoY to $2.79 billion compared to $2.2 billion in May 2023. On a MoM basis, exports grew by 18.8%, up from $2.35 billion in April 2024.

IMPORTS INCREASE

During the review month, the country’s import expenditure increased by 13.9% YoY, reaching $4.9 billion, up from $4.3 billion in May 2023. On a MoM basis, imports saw a slight increase of 1.2% compared to $4.85 billion in April 2024.

CUMULATIVE TRADE DATA FOR 11MFY24

The cumulative data for the eleven months of FY2023-24 shows:

• Exports: Reached $28.07 billion, marking a 10.7% increase from $25.37 billion in 11MFY23.
• Imports: Decreased by 2.4% to $49.80 billion from $51.01 billion in 11MFY23.
• Trade Balance: The overall trade deficit for 11MFY24 was $21.73 billion, a 15.2% reduction from the previous year’s deficit of $25.64 billion.

TRADE STATISTICS TABLE

This data highlights the significant improvements in Pakistan’s trade balance, driven by rising exports and controlled imports, reflecting positively on the country’s economic management and international trade strategy.