Trade deficit shrinks by 38.95% YoY in February: PBS
March 17, 2023
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March 17, 2023 (MLN): Pakistan's merchandise trade deficit for the month of February 2023 clocked in at $1.84 billion (revised) compared to a deficit of $2.63bn in the preceding month, plummeting by 29.95% MoM and 38.95% YoY compared to $2.63bn in January 2023 and $3.01bn in February 2022, respectively, latest data issued by Pakistan Bureau of Statistics showed.
The decline in trade deficit is due to the falling imports as the import bill for the month of February stood at $4.03bn, showing a drop of 17.25% MoM and 31.08% YoY, 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 clocked in at $2.19bn, registering a drop of 2.36% MoM and 22.69% YoY from $2.24bn in January 2023 and $2.83bn in February 2022, respectively.
Cumulatively, within 8MFY23, the trade deficit stood at $21.44bn, narrowed by 32.75% YoY compared to the deficit of $31.87bn recorded in the same period last year.