Trade deficit for 11MFY23 stands at 25.79bn

Jun 02, 2023 (MLN): Pakistan's trade deficit for 11 months (July-May) FY23 was $25.79 billion compared to a deficit of $43.41bn from the corresponding period from FY22.

According to data released by the Pakistan Bureau of Statistics (PBS), the trade deficit for the month of May 2023 was recorded at $2.089bn compared to a deficit of $0.86bn from April 2023 showing that the deficit worsened by 142.91%.

Compared to May 2022's deficit of USD 4.136bn, the trade numbers improved by 49.49%.

Exports increased by 2.29% to $2.18bn compared to $2.14bn in April 2023. However, compared to May 2022 exports decreased by 16.69%.

Imports in May 2023 increased by 42.64%, clocking in at $4.27bn compared to $2.99bn in April 2023, while compared to May 2022 imports decreased by 36.76%.

Overall the 11-month exports stood at $25.36bn compared to $28.87bn from the corresponding period of last year, showing a decrease of 12.14%.

Likewise, Imports during the period decreased by 29.22% to $51.157bn compared to $72.28 from the same period of FY22.

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