Recent data released by the Pakistan Bureau of Statistics (PBS) has shown that the country's trade deficit has witnessed a whopping 33.59% with a notable 17.3% decrease in imports as the country struggles to improve the economic indicators amid depreciating local currency and depleting foreign exchange reserves.
Pakistan's trade deficit from July to November (FY2023-24) has been recorded at $9.3 billion against the $14.12 billion trade deficit for July to November (FY22-23).
Imports have also witnessed a significant decrease and stand at $21.5 billion against last year's $26 billion for the same period.
Furthermore, the country's exports — reflecting 1.93% growth — were recorded at $12.17 billion against the $11.9 billion exports during the corresponding period of last year.
On a year-on-year basis, the exports from the country increased by 7.66% in November compared to the exports of the same month of last year.
The exports during the month were recorded at $2.57 billion against the exports of $2.38 billion in November 2022.
On the other hand, the imports during November 2023 were recorded at $4.46 billion compared to the imports of $5.15 billion in November 2022, showing a decrease of 13.47%.
On a month-on-month basis, the exports from the country decreased by 4.39 % when compared to the exports of $2.69 billion during October 2023.
The imports into the country went down by 8.31% when compared to the imports of $4.864 billion in October 2023.
Meanwhile, the services exports during July-October (2023-24) earned foreign exchange worth $2.4 billion as compared to exports of $2.33 billion during the same period of last year, showing growth of 3.34%.
The services' imports into the country also increased by 19.57% going up from $2.7 billion last year to $3.2 billion during the first four months of the current fiscal year.
Based on the figures, the services trade deficit increased by 116.66% during the period under review going up from $390 million last year to $847 million this year.
PM Rishi Sunak beats King Charles on new list of wealthiest Britons
Egypt expects to attract $150bn in investments by developing its coastal city
FM Ishaq Dar lauds China's steadfast support to Pakistan’s sovereignty, integrity and principled stance on Kashmir...
Govt cuts price of high speed diesel by Rs7.88 per litre from Rs281.96 to Rs274.08
Optimism around IMF talks, expectations of rate cut reason behind rally, says analyst
Tesla CEO virtually fired whole of electric-vehicle charging division
