Trade deficit Jumps by 7% MoM in May'22: PBS

June 02, 2022 (MLN): Pakistan's merchandise trade deficit for the month of May 2022 clocked in at $4 billion compared to a deficit of $3.78bn in the preceding month, depicting a growth of 7% MoM, latest data issued by Pakistan Bureau of Statistics showed today.

Compared to the same month last year, the trade deficit worsened by 12% from $3.6bn, as imports increased by 25% YoY to $6.6bn.

According to data released by the PBS, exports decreased by 10% MoM to $2.6bn compared to $2.9n in April’2022. While on yearly basis, the exports exhibited a growth of 56% from $1.67bn in May’21.

In terms of Rupees, exports from Pakistan during May'22 amounted to Rs510.5bn as against Rs534.5bn in April’22 and Rs256.1bn during May’21, showing a decline of 4.5% over last month and 99.3% over May'21.

On the other hand, imports in May’22 dipped by 1% MoM, clocking in at $6.6bn compared to $6.7bn in the previous month.  While compared to the corresponding month previous year, the imports showed an increase of 25% from $5.5bn reported in May’21.

In Rupee terms, imports into Pakistan during the month under review amounted to Rs1.3trillion as against Rs1.2tr in April’22 and Rs811.9bn during May’21, indicating a jump of 5.8% over last month and 60.6% over May’21.

Cumulatively, during July-May FY22, Pakistan’s trade deficit was $43.3bn compared to a deficit of $27.4bn in the corresponding period of FY21, showing an increase of 58% YoY.

Exports during 11MFY22 have increased by 28% to stand at $28.8bn, while imports during the period showed a growth of 44.2%, up from $50bn to $72bn.

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