Trade deficit widens by 38.27% MoM in October
By MG News | November 01, 2023 at 05:46 PM GMT+05:00
November 01, 2023 (MLN): Pakistan's trade deficit for the month of October was $2.099 billion compared to a deficit of $1.518bn from the previous month, worsening by 38.27% MoM.
According to data released by the Pakistan Bureau of Statistics (PBS), the trade deficit compared to October 2022's deficit improved by 4.46% as it stood at $2.2bn.
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Exports in October increased by 9.33% MoM to $2.71bn compared to $2.48bn in September 2023.
Similarly, compared to October 2022, exports increased by 13.55% YoY.
However, imports during the review month also rose by 20.33% MoM, clocking in at $4.81bn compared to $4bn in the previous month.
While compared to October 2022, imports increased by 4.91% YoY as it stood at $4.58bn.
On a cumulative basis, in 4MFY24, the trade deficit improved by 34.70% YoY to $7.42bn as compared to $11.36bn in 4MFY23.
| Oct-23 | Sep-23 | Aug-23 | Jul-23 | Jun-23 | May-23 | |
|---|---|---|---|---|---|---|
| USD Million | ||||||
| Exports | 2,707 | 2,476 | 2,366 | 2,068 | 2,356 | 2,200 |
| Imports | 4,806 | 3,994 | 4,528 | 3,705 | 4,219 | 4,328 |
| Trade Deficit | -2,099 | -1,518 | -2,162 | -1,637 | -1,863 | -2,128 |
| MoM % | ||||||
| Exports | 9.33% | 4.65% | 14.41% | -12.22% | 7.09% | 2.95% |
| Imports | 20.33% | -11.79% | 22.21% | -12.18% | -2.52% | 44.41% |
| Trade Deficit | 38.27% | -29.79% | 32.07% | -12.13% | -12.45% | 147.44% |
| YoY % | ||||||
| Exports | 13.55% | 1.23% | -4.67% | -8.25% | -19.26% | -16.22% |
| Imports | 4.91% | -25.30% | -25.42% | -25.80% | -46.46% | -36.14% |
| Trade Deficit | 4.46% | -47.67% | -39.76% | -40.23% | -62.45% | -48.74% |
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