Pakistan's trade deficit narrows 20.5% in Aug

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MG News | September 03, 2024 at 12:51 PM GMT+05:00

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September 03, 2024 (MLN): Pakistan's trade deficit in August 2024 has decreased by 20.5% to $1.68 billion as compared to a deficit of $2.11bn a year ago as exports surged and imports fell, according to data released by the Pakistan Bureau of Statistics (PBS).

On a monthly basis, the trade deficit has narrowed 12.0% compared to a deficit of $1.9bn recorded in July.

Cumulatively in the two months of fiscal year 2023-24, the trade deficit reduced by 4.2% YoY to $3.58bn as compared to a deficit of $3.74bn in 2MFY24.

Exports in August rose by 15.9% to $2.74bn compared to $2.37bn a year ago.

On a monthly basis, exports have increased by 18.9% compared to the $2.31bn figure reported in July 2024.

The country's expenditure on imports during the review month decreased by 1.3%, clocking in at $4.42bn compared to $4.47bn in the same month last year.

Meanwhile, compared to July 2024, imports rose by 4.9% compared to $4.21bn.

USD Million Aug 24 Aug 23 YoY % Jul 24 MoM % 2MFY25 2MFY24 Cumulative %
Exports 2,743 2,366 15.9% 2,307 18.9% 5,050 4,430 14.0%
Imports 4,418 4,474 -1.3% 4,211 4.9% 8,628 8,165 5.7%
Trade Balance -1,675 -2,108 -20.5% -1,904 -12.0% -3,578 -3,735 -4.2%

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