Tag: import bill

Karachi, June 2, 2023 – Pakistan’s import bill experienced a substantial increase of 43% in May 2023, reaching $4.28 billion compared to $2.99 billion in the previous month, according to official statistics released on Friday. In contrast, exports recorded a nominal increase, reaching $2.19 billion in May 2023 compared to $2.14 billion in April 2023.

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ISLAMABAD: Pakistan’s trade deficit narrowed by 18 per cent in the month of July 2022, according to data released by Pakistan Bureau of Statistics (PBS) on Tuesday.

The contraction in trade deficit may be attributed to decline in import bill. The import bill of the country fell by 13 per cent to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.

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

However, the exports of the country also fell by 5.17 per cent to $2.22 billion in the month of July this year as compared with $2.34 billion in the same month of the last year.

The trade deficit sharply narrowed by 46.76 per cent to $2.64 billion in July 2022 when compared with $4.96 billion in June 2022.

The import billion declined by 38 per cent to $4.86 billion in July 2022 as compared with $7.88 billion in June 2022.

Meanwhile, the exports also fell by 24 per cent to $2.22 billion in July 2022 when compared with $2.92 billion in June 2022.

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

Analysts at KASB KTrade Securities attributed to the strict import control measures which were put in place last month.

They said this is the lowest trade deficit level in the last 15 months.

“We think this should support the current account situation and will provide some confidence to the investors regarding the ability of the government in dealing with macroeconomic challenges,” according to the analysts.

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

The analysis shows that assuming no change in demand, a 40 per cent reduction in oil prices would turn the deficit into a surplus. This means that if Pakistan had the ability to get cheaper energy from Iran or from Russia, it could have been sufficient to bridge the trade deficit.

“Indeed, that could have had much punitive geo-economics implications and might not be a viable strategy. This also illustrates that if the oil price supply shock due to Ukraine war ends, Pakistan’s economy could return to a more stable condition.”

Building foreign exchange reserves is the only defense strategy against external economic shocks.

READ MORE: Pakistan’s March trade deficit widens by only 5.5%

KARACHI: The total import bill of Pakistan has crossed a record $80 billion mark, showing 42 per cent increase during fiscal year 2021/2022, according to official data released on Tuesday.

The total import bill of the country increased to $80.02 billion during fiscal year 2021/2022 as compared with $58.38 billion in the preceding fiscal year, according to data released by Pakistan Bureau of Statistics (PBS).

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

The exports of the country also posted an increase of 25.51 per cent to $31.76 billion during the fiscal year under review as compared with $25.30 billion in the preceding fiscal year.

Pakistan posted a record trade deficit of $48.26 billion in the fiscal year 2021/2022 as compared with the deficit of $31.07 billion in the preceding year, showing an expansion in deficit of 55.29 per cent.

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

The import bill in June 2021 increased by 14 per cent to $7.72 billion when compared with $6.77 billion in the month of May 2022. It was increased by 21.57 per cent when compared with $6.35 billion in June 2021.

READ MORE: Pakistan’s March trade deficit widens by only 5.5%

The exports posted an increase of 10 per cent to $2.88 billion in June 2022 when compared with $2.63 billion in May 2022. The exports increased by 5.83 per cent when compared $2.73 billion with June 2021.

READ MORE: Pakistan’s trade deficit widens to $32 billion in 8MFY22