July-January FY24: Trade deficit shrinks 32.7pc to $13.16bn YoY

ISLAMABAD: Pakistan’s trade deficit narrowed down by 32.70 per cent in the first seven months (July-January) of the current fiscal year 2023-24 as it stood at $13.160 billion compared to $19.553 billion during the same period of last fiscal year, shows the revised merchandise trade statistics released by Pakistan Bureau of Statistics (PBS).

The revised monthly data released by the Bureau noted that the country’s exports increased by 7.87 per cent to $17.778 billion during July-January 2023-24 compared to $16.481 billion in the corresponding period of the last fiscal year.

Imports declined by 14.14 per cent to $30.938 billion during the first seven months of the current fiscal year as compared with $36.034 billion in the same period of the last fiscal year.

Pakistan’s trade deficit contracts 33% to $13.2bn in 7MFY24

The PBS on February 2, released data, according to which the trade deficit narrowed down by 32.66 per cent in the first seven months (July-January) of the current fiscal year 2023-24 as it stood at $13.167 billion compared to $19.553 billion during the same period of last fiscal year.

Further, it also stated that the country’s exports increased by 7.89 per cent ($1.301 billion) to $17.782 billion during July-January 2023-24 compared to $16.481 billion in the corresponding period of the last fiscal year, while imports declined by 14.11 per cent to $30.949 billion during the first seven months of the current fiscal year as compared with $36.034 billion in the same period of the last fiscal year.

According to the revised data, on a month-on-month basis, the trade deficit widened by 8.26 per cent to $1.979 billion in January 2024 when compared to $1.828 billion in December 2023. Exports recorded a 1.06 per cent decline to $2.792 billion in January 2024 when compared with $2.822 billion in December 2023. Import increased by 2.60 per cent to $4.771 billion in January 2023 when compared with $4.650 billion in December 2023.

According to the initial data, on MoM basis, the trade deficit widened by 6.51 per cent to $1.947 billion in January 2024 when compared to $1.828 billion in December 2023. Exports recorded a 1.13 per cent decline to $2.790 billion in January 2024 when compared with $2.822 billion in December 2023. Import increased by 1.87 per cent to $4.737 billion in January 2023 when compared with $4.650 billion in December 2023.

The revised data noted that the trade deficit narrowed by 23.56 per cent on a year-on-year basis and stood at $1.979 billion in January 2024 compared to $2.589 billion during the same month of 2023. Imports decreased by 1.14 per cent on a YoY basis and remained $4.771 billion in January 2023 compared to $4.826 billion in January 2023. The exports increased by 24.81 per cent on a YoY basis and remained $2.792 billion in January 2024 compared to $2.237 billion in January 2023.

The PBS in initial data stated that the trade deficit narrowed by 24.80 per cent on a YoY basis and stood at $1.947 billion in January 2024 compared to $2.589 billion during the same month of 2023.

The imports decreased by 1.84 per cent on a YoY basis and remained $4.737 billion in January 2023 compared to $4.826 billion in January 2023. The exports increased by 24.72 per cent on a YoY basis and remained $2.790 billion in January 2024 compared to $2.237 billion in January 2023.

According to official data, the country’s exports increased by 25.3 per cent YoY during the first 15 days of February and stood at $1.275 billion compared to $1.017 billion during the same period of last fiscal year.

Textile and apparel exports increased by eight percent, manufacturing and engineering by 19.8 per cent and agri and food by 82.8 per cent during the first 15 days of the current month on YoY basis.

Imports declined by 21 per cent and stood at $1.859 billion during the period under review compared to $2.353 billion during the same period of last fiscal year. Trade deficit narrowed by 56.2 per cent on YoY basis during the first 15 days of the current month and stood at $584 million compared to $1.335 billion during the same period of last fiscal year.

Copyright Business Recorder, 2024