Trade deficit improves by 34% YoY in 1HFY24

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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