Trade deficit narrows by 34.7 per cent

F.P. Report

ISLAMABAD: The country’s merchandize trade deficit contracted by 34.70 per cent during the first four months of the current fiscal year compared to the corresponding period of last year, PBS reported.

The Trade deficit from July-October (2023-24) was recorded at $7.416 billion as against the deficit of $11.356 billion in July–October (2022-23), showing negative growth of 34.70 per cent.

During the period under review, the exports increased by 0.66% to $9.617 billion compared to the exports of $9.554 billion during the corresponding period of last year, according to the latest PBS data.

On the other hand, the imports narrowed by 18.54 per cent and were recorded at $17.033 billion compared to $20.910 billion last year.

Meanwhile, on a year-on-year basis, the exports from the country increased by 13.55 per cent in October compared to the exports of the same month of last year. The exports during the month were recorded at $2.707 billion as against the exports of $2.384 billion in October 2022.

On the other hand, the imports during October 2023 were recorded at $4.806 billion compared to the imports of $4.581 billion in October 2022, showing an increase of 4.91 per cent, according to the data.

On a month-on-month basis, the exports from the country increased by 9.33 per cent when compared to the exports of $2.476 billion during September 2023.

The imports into the country went up by 20.33 per cent when compared to the imports of $3.994 billion in September 2023, PBS reported. (APP)