September 15, 2023 (MLN): Pakistan's trade deficit for the month of August clocked in at $2.126 billion compared to a deficit of $3.57bn from the same period last year, improving by 39.46% YoY, according to the revised data released by the Pakistan Bureau of Statistics (PBS).
Conversely, compared to July 2023's deficit of $1.64bn, the trade deficit worsened by 32.06% MoM.
Exports increased by 14.41% MoM to $2.37bn compared to $2.07bn in July 2023.
While compared to the August 2022 figure of $2.48bn, exports witnessed a decline of 4.71% YoY.
Imports in August 2023 surged by 22.21% MoM, clocking in at $4.53bn compared to $3.71bn in July 2023.
While compared to August 2022, imports decreased by 25.21% YoY as it stood at $6.1bn in that period.
On a cumulative basis, in 2MFY24, the trade deficit improved by 39.72% YoY to $3.8bn as compared to $6.3bn in 2MFY23.
The main commodities of exports during August 2023 were Knitwear (Rs117.89bn), Readymade garments (Rs83.45bn), Bed wear (Rs74.08bn), Cotton Cloth (Rs47bn), Cotton Yarn (Rs30.79bn), Towels (Rs25.57bn), Rice Others (Rs18.07bn), Rice basmati (Rs16.27bn), Madeup articles (excl. towels & bedwear) (Rs18.38bn) and Meat and meat preparations (Rs11.21bn).
The main commodities of imports during August 2023 were as follows: Petroleum products (Rs180.63bn), Petroleum crude (Rs119.44bn), Natural gas, liquified (Rs89.85bn), Palm oil (Rs80.35bn), Plastic Materials (Rs66.79bn), Electric machinery & apparatus (Rs48.54bn), Iron & steel (Rs47.49bn), Mobile phones (Rs32.71bn), Iron & steel scrap (Rs28.62bn), and Medicinal products (Rs24.59bn).
