Karachi, October 2, 2023 – Pakistan economy official data reveals a staggering 25 percent decline in imports during the first quarter of the fiscal year 2023-24.
The country imported goods worth $12.19 billion from July to September, a stark contrast to the $16.33 billion recorded during the same period in the previous fiscal year.
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According to the data released by Pakistan’s authorities, the decline in imports is accompanied by a 3.78 percent reduction in exports. During the first quarter of the fiscal year 2023-24, exports totaled $6.90 billion, down from $7.17 billion in the corresponding quarter of the previous fiscal year.
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The cumulative effect of these changes has led to a significant shift in Pakistan’s trade balance. The trade deficit, which has been a cause for concern in recent years, saw a remarkable improvement, plummeting by 42.25 percent. For the July-September 2023-24 period, the trade deficit stood at $5.29 billion, compared to the $9.16 billion deficit during the same period in the last fiscal year.
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Notably, the trend continued into September 2023, where imports registered a considerable decline of 25.30 percent, amounting to $3.95 billion compared to $5.29 billion in September 2022.
In contrast, exports for the same month showed a modest increase of 1.15 percent, reaching $2.46 billion, compared to $2.43 billion in September of the previous year. This led to a substantial reduction in the trade deficit for the month, down by 47.86 percent to $1.49 billion, compared to a deficit of $2.86 billion in September of the previous year.
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The fall in imports may be attributed to strict enforcement by the government to check the currency smuggling and hoarding.
