Trade deficit improves by 13.5% MoM in February

March 01, 2024 (MLN): Pakistan's trade deficit for the month of February improved by 13.49% MoM to $1.71 billion as compared to a deficit of $1.98bn in January 2024, according to data released by the Pakistan Bureau of Statistics (PBS).

On a year-on-year basis, the trade deficit has inched down by 1.95%YoY compared to a deficit of $1.75bn recorded in February 2023.

Cumulatively in the eight months of fiscal year 2023-24 (8MFY24), the negative trade balance reduced significantly by 30.18% YoY to $14.87bn as compared to a deficit of $21.23bn in 8MFY23.

Exports in February decreased by 7.84% MoM to $2.57bn compared to $2.79bn in October 2023.

Conversely, compared to February 2023, exports have increased by 17.54% YoY.

The country's expenditure on imports during the review month fell by 10.19% MoM, clocking in at $4.29bn compared to $4.77bn in the previous month.

On the other hand, compared to February 2023, imports rose 8.89% YoY as it stood at $3.94bn.

On a cumulative basis, in 8MFY24, exports stood at $20.35bn, while imports clocked in at $35.22bn.

Exports have increased by 9% YoY in the ongoing fiscal year, whereas imports have dropped 11.87% YoY, resulting in a reduced trade deficit.

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