April 03, 2023 (MLN): Pakistan's merchandise trade deficit for the month of March 2023 clocked in at $1.46 billion compared to a deficit of $3.60bn in March 2022, plummeting by 59.75% YoY while on a sequential basis, the deficit shrank by 20.73% MoM from $1.84bn in February 2023, 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 March stood at $3.82bn, slashed by 40.25% YoY and 5.11% 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 14.76% YoY whereas, on monthly basis, it inched up by 8.03% MoM to $2.36bn during the review period.
Cumulatively, within 9MFY23, the trade deficit stood at $22.9bn, narrowed by 35.51% YoY compared to the deficit of $35.5bn recorded in the same period last year.
