PkRevenue.com – Pakistan has registered a significant 27.08 percent increase in exports on a year-on-year (YoY) basis in May 2024, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. Exports surged to $2.80 billion in May 2024, up from $2.20 billion in the same month of the previous year.
In contrast, imports also witnessed growth, rising by 14 percent YoY in May 2024 to reach $4.90 billion, compared to $4.30 billion in May 2023. This resulted in a marginal trade deficit increase of 0.14 percent, amounting to $2.11 billion in May 2024, as opposed to $2.10 billion in the same month last year.
Despite the slight increase in the monthly trade deficit, the overall trade deficit for the first 11 months of the fiscal year 2023-24 showed a notable improvement. The deficit decreased by 15.25 percent, reaching $21.73 billion compared to $25.64 billion during the corresponding period of the previous fiscal year.
Exports for the period from July to May of the fiscal year 2023-24 posted a 10.64 percent growth, totaling $28.07 billion, up from $25.37 billion in the same period last fiscal year. Conversely, imports saw a decline of 2.37 percent, falling to $49.80 billion during the first 11 months of the current fiscal year, compared to $51 billion in the same period of the previous fiscal year.
On a month-on-month (MoM) basis, exports grew by 18.76 percent in May 2024, reaching $2.79 billion, up from $2.35 billion in April 2024. Imports showed a nominal increase of 1.16 percent, climbing to $4.90 billion in May 2024 from $4.84 billion in April 2024. This led to a 15.43 percent decline in the trade deficit, which fell to $2.11 billion in May 2024, down from $2.49 billion in April 2024.
The substantial increase in exports is seen as a positive indicator of Pakistan’s economic performance, reflecting improvements in various sectors and favorable trade policies. The government continues to focus on boosting exports and managing imports to achieve a more balanced trade outlook. Economists and industry experts are optimistic that these trends could contribute to further economic stabilization and growth in the coming months.
