Trade deficit plunges by 77.15% YoY in April

May 20, 2023 (MLN): Pakistan's merchandise trade deficit for the month of April 2023 clocked in at $860 million compared to a deficit of $3.76 billion in April 2022, plummeting by 77.15% YoY, the revised data issued by Pakistan Bureau of Statistics (PBS) showed today.

Similarly, on a sequential basis, the deficit shrank by 40.44% MoM from $1.44bn in March 2023.

The decline in trade deficit is due to the falling imports as the import bill for the month of April stood around $3bn, down by 55% YoY and 21.46% 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 26.23% YoY and around 10% MoM to $2.1bn.

Cumulatively, within 10MFY23, the trade deficit stood at $23.7bn, narrowed by 39.65% YoY compared to the deficit of $39.27bn recorded in the same period last year.

Copyright Mettis Link News