In the first month of the fiscal year 2022-23, Pakistan’s exports fell nearly a quarter from the previous month and 5.2 percent from the equivalent month of the previous fiscal year, according to statistics from the Pakistan Bureau of Statistics.
Imports, on the other hand, fell by 38.3 percent over the previous month and by 12.8 percent over the same period last year, according to the New York Times’ report.
Exports of products totaled $2.219 billion in July 2022, down from $2.9 billion in June 2022 and $2.43 billion in July 2021, according to the monthly trade bulletin.
Imports of products into the country totaled $4.86 billion in July 2022. In June 2022, the economy’s imports totaled $7.88 billion, compared to $5.575 billion in July 2021.
In July 2022, the trade deficit decreased by 18.3% to $2.64 billion from $3.235 billion in July of the previous year. The deficit was $4.96 billion as of June 2022. As a result of the government’s restriction on some high-end goods, imports dropped significantly.
Last year’s record-high import cost for crude oil contributed to an unprecedented $48.385 billion trade deficit. Exports totaled $31.07 billion in FY22, compared to $80.18 billion in imports for the same year. An estimated $31.07 billion in trade deficit is expected to be in place in FY2020, with exports totaling $25.3 billion and imports totaling $56.38 billion.
Services trade performance statistics for July-June 2021-22 was also released by the PBS. As of July-to-June 2021/22, local businesses imported more international services than they exported. Compared to FY21, the trade imbalance in services increased by 105.7% to $5.175 billion in FY22.
The economy spent $12.14 billion on services provided by foreign enterprises, while exporting $6.97 billion in goods and services. At $5.945 billion and $8.46 billion respectively, the country’s services exports (money inflows) were reported in FY21. Exports of services grew by 17.2%, while imports increased by 43.5%.
Since services exports were $646 million in June 2022 vs $1.37 billion in imports, the trade deficit amounted at $727 million at the end of the month. This month’s exports totaled $498,000,000 and imports totaled $995,000,000, resulting in a $497,000,000 deficit.
Exports rose by 29.7% and imports by 37.9% in the reviewed month compared to the previous month. Exports increased by 11.75 percent and imports by 57.6 percent in June 2022 as compared to the same month the previous year in the services trade.
Exports of services totaled $578 million in June 2021, while imports totaled $871 million, resulting in a $293 million deficit. Over the course of the year, June 2022’s deficit was 148 percent more than the same month in 2019.
Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.
