Trade deficit improves by 34% YoY in 1HFY24
MG News | January 02, 2024 at 01:03 PM GMT+05:00
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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