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Trade deficit widens by 38.27% MoM in October

Trade deficit improves by 38.8% YoY in 7MFY24
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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.

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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Posted on: 2023-11-01T17:46:00+05:00