Pakistan trade deficit narrows by 17% in 2MFY23

Pakistan trade deficit narrows by 17% in 2MFY23

ISLAMABAD: Trade deficit fell by 17.13 per cent during first two months (July – August) 2022/2023 2MFY23, owing to fall in import bill, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

The statistics revealed that the trade deficit for the period July – August 2022/2023 was at $6.27 billion as compared with the deficit of $7.56 billion in the same period of the last fiscal year.

READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022

Pakistan’s exports increased by 3.75 per cent to $4.76 billion during July – August 2022/2023 as compared with $4.58 billion in the corresponding period of the last fiscal year.

On the other hand, import bill of the country fell to $11.03 billion during the first two months of the current fiscal year as compared with $12.15 billion in the same period of the last fiscal year, showing a decline of nine per cent.

READ MORE: Pakistan’s import bill records over $80 bn in 2021/2022

However, trade deficit surged by 29 per cent to $3.53 billion in August 2022 when compared with the deficit of $2.74 billion in the month of July 2022.

The exports recorded 11 per cent increased to $2.50 billion in August 2022 when compared with $2.25 billion in July 2022.

READ MORE: Pakistan’s trade deficit balloons $43.33 bn in 11 months

Meanwhile, the import bill also climbed up by 21 per cent to $6.03 billion in August 2022 when compared with $4.99 billion in the month of July 2022.

READ MORE: Pakistan’s imports hit record high at $65.47 bn in 10 months