ISLAMABAD: In the first half of FY24, Pakistan’s trade deficit showed a significant improvement, decreasing by 34.29% Year-over-Year (YoY) to $11.15 billion, contrasting with $16.97 billion in 1HFY23, as per data released by the Pakistan Bureau of Statistics (PBS).
Throughout 1HFY24, exports witnessed a 5.17% YoY increase, reaching Rs15 billion, while imports saw a notable decline of 16% YoY, marking Rs26 billion.
Singularly in December, the trade deficit stood at $1.7 billion, showing a 13% Month-over-Month (MoM) improvement compared to the previous month’s deficit of $1.97 billion.
Relative to December 2022, the trade deficit dropped by 40%, tallying at $2.84 billion.
December’s exports surged by 9.29% MoM, reaching $2.81 billion versus $2.57 billion in November 2023. Moreover, compared to December 2022, exports soared by 22.2% YoY.
Import expenditures during the review month slightly decreased by 0.55% MoM, standing at $4.51 billion compared to the previous month’s $4.54 billion. Similarly, in contrast to December 2022, imports declined by 12.25% YoY, amounting to $5.14 billion.
