KARACHI: Trade deficit of Pakistan narrowed by 32 per cent during first seven months of the current fiscal year 7MFY23, according to official data released on Thursday.
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Pakistan’s exports decline by 5.8pc in 1HFY23
ISLAMABAD: Pakistan’s exports have declined by 5.8 per cent in the first half (July – December) of fiscal year 2022-2023, according to official trade data released on Tuesday.
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Pakistan exports plunge 18.34pc in November 2021
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.
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Pakistan’s import restrictions help narrowing trade deficit by 27%
ISLAMABAD: Import restrictions imposed by Pakistan resulted in massive 27 per cent contractions in trade deficit during first four months (July – October) 2022/2023, according to official data released on Wednesday.
The trade deficit narrowed to $11.47 billion during first four months of the current fiscal year as compared with the deficit of $15.62 billion in the corresponding months of the last fiscal year, Pakistan Bureau of Statistics (PBS) said.
READ MORE: Pakistan import bill falls by 12.72% in 1QFY23
The trade deficit contraction is largely sharp decrease in import bill of the country during the period under review. Import payment of the country were at $21.02 billion during July – October 2022/2023 as compared with $25.08 billion in the same period of the last fiscal year.
The fall in import bill may be attributed to restrictions imposed by the government regarding opening of letter of credit. Recently, Finance Minister Ishaq Dar had announced to increase the threshold payment for LCs from $50,000 to $100,000. Industry sources said that due to scarcity of dollars in the market, most of the banks were not opening LCs for import payments.
READ MORE: Pakistan trade deficit narrows by 17% in 2MFY23
Exports of the country, however, grew with a small margin during the period. The exports recorded increase to $9.55 billion during first four months of the current fiscal year as compared with $9.46 billion in the same months of the last fiscal year.
The trade deficit recorded a contraction of 42 per cent in the month of October 2022 when compared with same month of the last year. The trade deficit fell to $2.26 billion in October 2022 when compared with the deficit of $3.9 billion in the same month of the last year.
READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022
The import bill plummeted by 27 per cent to $4.63 billion in the month of October 2022 when compared with $6.37 billion in the same month of the last year.
On the other hand, exports also fell by 3.77 per cent to $2.37 billion in the month under review as compared with $2.46 billion in the corresponding month of the last year.
READ MORE: Pakistan’s import bill records over $80 bn in 2021/2022
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Pakistan import bill falls by 12.72% in 1QFY23
ISLAMABAD: The total import bill of Pakistan has declined by 12.72 per cent in the first quarter (July – September) of the fiscal year 2022/2023, according to data released by Pakistan Bureau of Statistics (PBS).
The import bill of the country was $16.33 billion in the first quarter of the current fiscal year as compared with $18.72 billion in the corresponding period of the last fiscal year.
READ MORE: Pakistan trade deficit narrows by 17% in 2MFY23
Exports of the country, however, exhibited a nominal 2 per cent growth to $7.12 billion during the quarter under review as compared with $7 billion in the same quarter of the last fiscal year.
The fall in import bill resulted in trade deficit contraction of 21.42 per cent. The trade deficit of the country fell to $9.21 billion during July – September 2022 as compared with the deficit of $11.72 in the same quarter of the last fiscal year.
READ MORE: Pakistan’s trade deficit narrows by 18% in July 2022
In September 2022 the trade deficit contracted by 30.62 per cent on Year on Year (YoY) basis.
The trade deficit has been recorded at $2.88 billion in September 2022 when compared with $4.15 billion in the same month of the last year.
READ MORE: Pakistan’s import bill records over $80 bn in 2021/2022
The import bill for the month under review recorded a decline of 20 per cent to $5.27 billion in September 2022 when compared with $6.56 billion in the same month of the last year.
Whereas, the exports of the country also recorded a decline of one per cent to $2.39 billion in September 2022 when compared with $2.41 billion in the same month of the last year.
READ MORE: Pakistan’s trade deficit balloons $43.33 bn in 11 months
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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
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Pakistan’s trade deficit narrows by 18% in July 2022
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%
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Pakistan’s import bill records over $80 bn in 2021/2022
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
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Pakistan’s trade deficit balloons $43.33 bn in 11 months
ISLAMABAD: Pakistan’s trade deficit ballooned to $43.33 billion during first 11 months (July – May) of fiscal year 2021/2022 owing to massive rise in import bill during the same period.
According to trade data released by Pakistan Bureau of Statistics (PBS) on Thursday, the trade deficit widened by 58 per cent to $43.334 billion during first eleven months of the current fiscal year as compared with $27.45 billion in the corresponding months of the last fiscal year.
READ MORE: Pakistan’s imports hit record high at $65.47 bn in 10 months
Pakistan’s import bill massively increased to $72.18 billion during the period under review as compared with $50.03 billion in the same period of the last fiscal year, showing an increase of 44.28 per cent.
On the other hand, exports have increased by 28 per cent to $28.85 billion during July – May 2021/2022 as compared with $22.57 billion in the corresponding period of the last fiscal year.
READ MORE: Pakistan’s March trade deficit widens by only 5.5%
The exports registered 55.66 per cent growth to $2.60 billion in the month of May 2022 as compared with $1.67 billion in the same month of the last year.
READ MORE: Pakistan’s trade deficit widens to $32 billion in 8MFY22
Meanwhile, import bill for the month of May 2022 increased by 25.43 per cent to $6.44 billion as compared with $5.297 billion in the same month of the last year.
This resulted in widening of trade deficit by 11.50 per cent to $4.043 billion in the month of May 2022 as compared with the deficit of $3.62 billion in the same month of the last year.
READ MORE: Pakistan’s trade deficit widens by 92% in seven months
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Pakistan’s imports hit record high at $65.47 bn in 10 months
ISLAMABAD: Pakistan’s imports reached to record high at $65.49 billion during first 10 months (July – April) 2021/2022, according to data released by Pakistan Bureau of Statistics (PBS).
The import bill increased by 46.41 per cent to $65.47 billion during first 10 months of the current fiscal year as compared with $44.73 billion in the corresponding months of the current fiscal year.
READ MORE: Pakistan’s March trade deficit widens by only 5.5%
On the other hand, the exports of the country registered a growth of 25.46 per cent to $26.23 billion during the period under review as compared with $20.9 billion in the same period of the last fiscal year.
The trade deficit sharply widened by 64.79 per cent to $39.26 billion during July – April 2021/2022 as compared with $23.83 billion in the corresponding period of the last fiscal year.
READ MORE: Pakistan’s trade deficit widens to $32 billion in 8MFY22
The exports of the country recorded an increase of 29.53 per cent to $2.87 billion in the month of April 2022 as compared with $2.22 billion in the same month of the last year.
The import bill in April 2022 recorded an increase of 26.19 per cent to $6.62 billion as compared with $5.42 billion in the same month last year.
The trade deficit ballooned by 23.74 per cent to $3.74 billion in April 2022 as compared with $3.02 billion in April 2021.
READ MORE: Pakistan’s trade deficit widens by 92% in seven months
Similarly, the exports recorded an increase of 3.27 per cent to $2.87 billion in April 2022 when compared with $2.78 billion in March 2022.
The import bill recorded an increase of 2.96 per cent to $6.62 billion in April 2022 as compared with $6.43 billion in the preceding month.
The trade deficit widened by 2.72 per cent to $3.74 billion in April 2022 when compared with $3.64 billion in March 2022.
READ MORE: Pakistan’s trade deficit swells by 100% in 1HFY22