Trade deficit narrows by 40% YoY in July

MG News | August 19, 2023 at 02:12 PM GMT+05:00

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August 19, 2023 (MLN): Pakistan's merchandise trade deficit for July 2024 narrowed by 40.06% YoY to clock in at $1.63 billion compared to $2.73bn in July 2022.

Meanwhile, on a sequential basis, the deficit shrank by 12.3% MoM from $1.86bn in June 2023, the revised data for July issued by the Pakistan Bureau of Statistics (PBS) showed.

The decline in trade deficit is due to the falling imports as the import bill for the month of July stood at $3.7bn, slashed by 25.62% YoY and 12.18% MoM, reflecting the impact of import restrictions lately.

Amidst economic slowdown in the country’s major export market, energy shortages, and frequent closure of local manufacturing units, the exports registered a decrease of 8% YoY and 12.23% MoM to $2bn.

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