ISLAMABAD: Pakistan exports have registered 18.34 per cent decline Year on Year (YoY) in November 2022 owing to import restrictions and slowdown in global demand.
Data released by Pakistan Bureau of Statistics (PBS) on Thursday revealed that exports fell to $2.37 billion in November 2022 when compared with $2.9 billion in the corresponding month last year.
READ MORE: Pakistan’s import restrictions help narrowing trade deficit by 27%
Imports of the country recorded 33.60 per cent decline to $5.245 billion in November 2022 when compared with $7.9 billion in the same month of the last year.
This resulted contraction in trade deficit of 42.46 per cent to the deficit of $2.876 billion in November 2022 as against $5 billion in the same month of the last year.
READ MORE: Pakistan import bill falls by 12.72% in 1QFY23
The decline in exports can be attributed to the restrictions imposed on imports which hampered industrial and export activities. Furthermore, global slowdown also added to export fall.
Meanwhile, exports recorded a nominal decline of 0.63 per cent to $2.37 billion in November 2022 when compared with previous month of September 2022 at $2.38 billion.
However, imports recorded an increase of 11.34 per cent to $5.24 billion on Month on Month (MoM) in November 2022 when compared with $4.71 billion in the previous month.
READ MORE: Pakistan trade deficit narrows by 17% in 2MFY23
This brings the widening of trade deficit by 23.59 per cent to $2.876 billion in November 2022 when compared with the deficit of $2.33 billion in September 2022.
Overall trade deficit during first five months (July – November) 2022/2023 contracted by 30.14 per cent to $14.41 billion when compared with the deficit of $20.62 billion in the corresponding months of the last fiscal year.
READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022
Exports of the country recorded 3.48 per cent decline to $11.93 billion during first five months of the current fiscal year as against $12.36 billion in the same months of the last year.
Whereas, import bill fell by 20.15 per cent to $26.34 billion during the period of July – October of fiscal year 2022-2023 as against $32.98 billion in the same period of the last fiscal year.