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HomeEconomyPakistan’s trade gap widens by 57% YoY in FY22

Pakistan’s trade gap widens by 57% YoY in FY22

July 4, 2022 (MLN): Pakistan's merchandise trade deficit reached an all-time high of $48.67 billion in FY22 compared to $30.9bn in FY21, marking a growth of 57% YoY, provisional data from official sources showed today.

The rise in the deficit was due to higher imports which clocked in at $80.5bn, and surged by 43% YoY while exports showed a growth of 27% to stand at $31.85bn in FY22.

In the month of June 2022, the trade deficit clocked in at $4.85billion compared to a deficit of $3.55bn in the same month last year, depicting a growth of 37% YoY.

Compared to the preceding month, the trade deficit worsened by 17% from $4.15bn, as imports increased by 14% YoY to $6.8bn.

The widening of Pakistan’s trade gap indicates that country’s external account position has been worsening at an alarming pace due to an unprecedented increase in imports amid higher commodity prices in the international market.

Going by the provisional estimates, exports for the month of June’22 increased by 6% YoY and 10% MoM to $2.9bn. Similarly, imports in the same month jumped by 23% YoY and $14 MoM to stand at $7.74bn.

Copyright Mettis Link News

Posted on: 2022-07-04T10:40:07+05:00

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