Trade deficit shrinks by 40.41% YoY in October: PBS

November 18, 2022 (MLN): Pakistan's merchandise trade deficit for the month of October 2022 clocked in at $2.32 billion compared to a deficit of $2.9bn in the preceding month, down by 19.79% MoM, while on yearly basis, the deficit plunged by 40.41% YoY from $3.91bn in the same period last year, latest data issued by Pakistan Bureau of Statistics showed today.

The decline in trade deficit is due to the falling imports as the import bill for the month of October stood at $4.71bn, showing a drop of 11.89% MoM, while on a YoY basis, it has also moved down by 26.03%.

Meanwhile, the exports registered a slight decline of 2.53% MoM to $2.38bn compared to $2.46bn in September 2022. On the other hand, on yearly basis, the exports were down by 3.25% from $2.46bn in October 2021.

In terms of Rupees, exports from Pakistan during October 2022 amounted to Rs525.83bn as against Rs563.712bn in September 2022 and Rs423.06bn in October 2021, showing a decrease of 6.72% MoM and an increase of 24.29% over the same period last year.

Similarly, imports in October 2022, decreased by 15.68% MoM, clocking in at Rs1.04 trillion as against Rs1.23tr in September 2022 while on yearly basis, imports decreased by 4.98% compared to Rs6.37bn during October 2021.

Cumulatively, within 4MFY23, the trade deficit stood at $11.53bn, narrowed by 26.20% YoY compared to the deficit recorded in the same period last year.

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