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Trade deficit narrows 15.2% YoY in 11MFY24

Trade deficit narrows 15.2% YoY in 11MFY24
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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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Posted on: 2024-06-03T16:00:01+05:00