Trade deficit narrows 15.2% YoY in 11MFY24
MG News | June 03, 2024 at 04:00 PM GMT+05:00
May 31, 2024 (MLN): Pakistan's trade deficit in the eleven months of fiscal year 2023-24 has reduced by 15.2% YoY to $21.73bn as compared to a deficit of $25.64bn in 11MFY23.
Meanwhile, in May 2024, the trade deficit has edged higher by 0.1% YoY to $2.11bn as compared to a deficit of $2.11bn recorded in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS).
On a monthly basis, the trade deficit has reduced by 15.4% compared to a deficit of $2.5 billion recorded in April 2024.
Exports in May rose by 27.1% YoY to $2.79bn compared to $2.2bn in May 2023.
On a monthly basis, exports have increased by 18.8% compared to the $2.35bn figure reported in April 2024.
The country's expenditure on imports during the review month increased by 13.9% YoY, clocking in at $4.9bn compared to $4.3bn in the same month last year.
Similarly, compared to April 2024, imports rose by 1.2% MoM compared to $4.85bn.
| USD Million | May 24 | Apr 24 | May 23 | MoM % | YoY % | 11MFY24 | 11MFY23 | Cumulative % |
|---|---|---|---|---|---|---|---|---|
| Exports | 2,792 | 2,351 | 2,197 | 18.8% | 27.1% | 28,070 | 25,368 | 10.7% |
| Imports | 4,902 | 4,846 | 4,304 | 1.2% | 13.9% | 49,802 | 51,010 | -2.4% |
| Trade Balance | -2,110 | -2,495 | -2,107 | -15.4% | 0.1% | -21,732 | -25,642 | -15.2% |
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