Pakistan's trade deficit narrows 20.5% in Aug
MG News | September 03, 2024 at 12:51 PM GMT+05:00
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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