Islamabad, Pakistan – Pakistan’s trade deficit witnessed a significant reduction, contracting by 24.94% to $17.03 billion during the July-March period (9MFY24) compared to the same period last year. The decline was primarily attributed to a considerable decrease in imports coupled with an increase in exports, as per data released by the Pakistan Bureau of Statistics (PBS) on Monday.

During 9MFY24, Pakistan’s exports registered a noteworthy growth of 8.93%, reaching $22.914 billion compared to $21.036 billion in the corresponding period of the previous year. Conversely, imports declined by 8.65% to $39.944 billion, down from $43.724 billion recorded in the same period of FY23.

MONTHLY FIGURES

In March 2024, Pakistan’s trade deficit surged by 56.3% to $2.171 billion from $1.389 billion in the same period of the previous year. Both exports and imports increased, with imports witnessing a more pronounced jump.

Read: PAKISTAN’S CPI HITS NEAR TWO-YEAR LOW

Exports grew by 7.99% to $2.555 billion in March 2024 compared to $2.366 billion in the same month last year. Meanwhile, imports surged significantly by 25.86% to $4.726 billion from $3.755 billion in March 2023.

On a month-on-month basis, the trade deficit increased by 24.56% compared to February 2024. Exports declined by 1.08%, reaching $2.583 billion from $2.366 billion in the preceding month. Conversely, imports posted a marginal improvement, increasing by 9.25% to $4.726 billion from $4.326 billion in February 2024.

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