Trade deficit shrinks by 43.56% YoY in February: PBS

March 01, 2023 (MLN): Pakistan's merchandise trade deficit for the month of February 2023 clocked in at $1.70 billion compared to a deficit of $2.63bn in the preceding month, plummeting by 35.23% MoM and 43.56% YoY compared to $2.63bn in January 2023 and $3bn 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 $4bn, showing a drop of 17.7% MoM and 31.51% 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 registered a decrease of 18.67% YoY whereas, on monthly basis, it inched by 2.72% MoM to $2.3bn in February 2023.

Cumulatively, within 8MFY23, the trade deficit stood at $21.33bn, narrowed by 33.18% YoY compared to the deficit of $31.87bn recorded in the same period last year.

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