Pakistan's trade deficit rises by 24.56% MoM in March

April 01, 2024 (MLN): Pakistan's trade deficit for the month of March has increased by 24.56% MoM to $2.17 billion as compared to a deficit of $1.74bn recorded in February 2024, according to data released by the Pakistan Bureau of Statistics (PBS).

On a year-on-year basis, the trade deficit has surged by 56.30% YoY compared to a deficit of $1.39bn recorded in March 2023.

Cumulatively in the nine months of fiscal year 2023-24 (9MFY24), the negative trade balance reduced significantly by 24.94% YoY to $17.03bn as compared to a deficit of $22.69bn in 9MFY23.

Exports in March inched down by 1.08% MoM to $2.56bn compared to $2.28bn in February 2024.

Likewise, on a year-on-year basis, exports have increased by 7.99% compared to the $2.37bn figure reported in March 2023.

The country's expenditure on imports during the review month increased by 9.25% MoM, clocking in at $4.73bn compared to $4.33bn in the previous month.

While, compared to March 2023, imports expanded by 25.86% YoY as it stood at $3.76bn in that respective period.

On a cumulative basis, in 9MFY24, exports were recorded at $22.91bn, while imports clocked in at $39.94bn.

Exports have increased by 8.93% YoY in the ongoing fiscal year, whereas imports have dropped 8.65% YoY, resulting in a reduced trade deficit.

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