Pakistan's trade deficit narrows 12.3% YoY in FY24

July 02, 2024 (MLN): Pakistan's trade deficit reduced by 12.3% YoY to $24.09bn in fiscal year 2023-24 as compared to a deficit of $27.47bn in the previous year.

Exports in FY24 rose by 10.5% YoY to $30.65bn compared to $27.72bn in FY23, the latest data released by the Pakistan Bureau of Statistics (PBS) showed.

Meanwhile, imports inched lower by 0.8% to $54.73bn during the year.

In the month of June alone, the trade deficit increased by 30.4% YoY to $2.39bn as compared to a deficit of $1.83bn recorded in the same month last year.

On a monthly basis, the trade deficit has widened 15.1% compared to a deficit of $2.08 billion recorded in May 2024.

Exports in June rose by 7.3% YoY to $2.53bn compared to $2.36bn in June 2023.

On a monthly basis, exports have decreased by 10.9% compared to the $2.84bn figure reported in May 2024.

The country's expenditure on imports during the review month increased by 17.4% YoY, clocking in at $4.92bn compared to $4.19bn in the same month last year.

Similarly, compared to May 2024, imports rose by 0.1% MoM compared to $4.92bn.

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