Trade deficit expands by 29% MoM in August: PBS

September 02, 2022 (MLN): Pakistan's merchandise trade deficit for the month of August 2022 clocked in at $3.53 billion compared to a deficit of $2.73bn in the preceding month, expanded by 29% MoM, latest data issued by Pakistan Bureau of Statistics showed today.

Compared to the same month last year, the trade deficit shrank by 18.48% from $4.33bn, as imports decreased by 8.26% YoY to $6bn.

In 2MFY23, the trade deficit stood at $6.26bn, narrowed by 17.13% YoY compared to the deficit recorded in the same period last year.

Meanwhile, the exports have increased by 11% MoM to $2.5bn compared to $2.25n in July 2022. Similarly, on yearly basis, the exports moved up by 11.44% from $2.24bn in August 2021.

In terms of Rupees, exports from Pakistan during August 2022 amounted to Rs553.63bn as against Rs494.72bn in July 2022 and Rs368.81bn in August 2021, showing an up of 12% and 50.11% over the same period last year.

Similarly, imports in August 2022, jumped by 21% MoM, clocking in at $6bn compared to $4.9bn in the previous month.  While compared to the corresponding month previous year, the imports showed a decline of 8.26% from $6.57bn reported in August 2021.

In Rupee terms, imports into Pakistan during the month under review amounted to Rs1.3 trillion as against Rs1.1tr in July 2022 and Rs1tr during August 2021, indicating a jump of 21% MoM over last month while on yearly basis, it showed a drop of 8.26% YoY.

Copyright Mettis Link News