Pakistan’s trade deficit for the first two months of the 2023-2024 fiscal year dropped by more than 40%, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. The trade deficit stood at $3.76 billion in July and August, significantly lower than the $6.30 billion recorded for the same period in the 2022-2023 fiscal year.
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Exports declined by 6.38% to $4.43 billion during July-August 2023, compared to $4.73 billion for the corresponding period last year. On the other side, imports fell sharply by 25.75% to $8.19 billion, compared to $11.04 billion in July-August of 2022.
However, the trade deficit widened by nearly 30% on a month-on-month basis, increasing from $1.64 billion in July 2023 to $2.13 billion in August 2023. The PBS did not provide reasons for the fluctuation, but it comes amid ongoing economic challenges and efforts by Pakistan to balance trade.