Pakistan's trade deficit rises 2.8x YoY in April

May 02, 2024 (MLN): Pakistan's trade deficit for April has surged by 2.81x YoY to $2.374 billion as compared to a deficit of $846 million recorded in April 2023, according to data released by the Pakistan Bureau of Statistics (PBS).

On a monthly basis, the trade deficit has widened by 3.16% MoM compared to a deficit of $2.3bn recorded in March 2024.

Cumulatively in the ten months of fiscal year 2023-24 (10MFY24), the negative trade balance reduced significantly by 17.09% YoY to $19.51bn as compared to a deficit of $23.54bn in 10MFY23.

Exports in April dropped by 8.67% MoM to $2.35bn compared to $2.57bn in March 2024.

Conversely, on a year-on-year basis, exports have increased by 10.02% compared to the $2.14bn figure reported in April 2023.

The country's expenditure on imports during the review month also reduced by 3.08% MoM, clocking in at $4.72bn compared to $4.87bn in the previous month.

While, compared to April 2023, imports expanded by 58.43% YoY as imports stood at $2.98bn in that respective period.

On a cumulative basis, in 10MFY24, exports were recorded at $25.28bn, while imports clocked in at $44.79bn.

Exports have increased by 9.10% YoY in the ongoing fiscal year, whereas imports have dropped 4.09% YoY, resulting in a reduced trade deficit.

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