Trade deficit improves by 34% YoY in 1HFY24

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MG News | January 02, 2024 at 01:03 PM GMT+05:00

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January 02, 2024 (MLN): Pakistan's trade deficit for the first half of FY24 improved significantly by 34.29% YoY to $11.15 billion as compared to $16.97bn in 1HFY23, according to data released by the Pakistan Bureau of Statistics (PBS).

During 1HFY24, exports rose by 5.17% YoY to Rs14.98bn, while imports fell by 16.28% YoY to stand at Rs26.13bn.

While in the month of December alone, the trade deficit stood at $1.7bn compared to a deficit of $1.97bn from the previous month, reflecting an improvement of 13.43% MoM.

The trade deficit compared to December 2022's deficit reduced by 40.13% as it stood at $2.84bn.

Exports in December increased by 9.29% MoM to $2.81bn compared to $2.57bn in November 2023.

Similarly, compared to December 2022, exports increased by 22.2% YoY.

The country's expenditure on imports during the review month inched down by 0.55% MoM, clocking in at $4.51bn compared to $4.54bn in the previous month.

Similarly, compared to December 2022, imports declined by 12.25% YoY as it stood at $5.14bn.

  Dec-23 Nov-23 Oct-23 Sep-23 Aug-23 Jul-23 Jun-23
USD Million
Exports 2,812 2,572 2,690 2,476 2,366 2,068 2,356
Imports 4,514 4,539 4,864 3,994 4,528 3,705 4,219
Trade Deficit -1,702 -1,966 -2,174 -1,518 -2,162 -1,637 -1,863
MoM %
Exports 9.29% -4.35% 9.33% 4.65% 14.41% -12.22% 7.09%
Imports -0.55% -6.68% 20.33% -11.79% 22.21% -12.18% -2.52%
Trade Deficit -13.43% -9.57% 38.27% -29.79% 32.07% -12.13% -12.45%
YoY %
Exports 22.21% 7.66% 13.55% 1.23% -4.67% -8.25% -19.26%
Imports -12.25% -13.47% 4.91% -25.30% -25.42% -25.80% -46.46%
Trade Deficit -40.13% -31.72% 4.46% -47.67% -39.76% -40.23% -62.45%

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