Pakistan’s trade deficit decreased by 33.18% during the first eight months of the current fiscal year compared to the same period of the previous year, according to data released by Pakistan Bureau of Statistics (PBS). The trade deficit from July to February (2022-23) was $21.300 billion, down 33.18% from the deficit of $31.879 billion from July to February (2021-22).

The country’s exports were $18.793 billion during the period compared to $20.573 billion the previous year, showing a fall of 8.65%.As opposed to exports, imports had a dramatic decrease of 23.56%, from $52.452 billion last year to $40.093 billion this fiscal year. Exports from the country fell 18.67% year over year and totalled $2.305 billion in February 2023 compared to $2.834 billion in February 2022.

Moreover, imports fell 31.51% from $5.853 billion in February 2022 to $4.009 billion in February 2023. Nonetheless, compared to $2.244 billion in January 2023, the exports in February 2023 climbed by 2.72%. The country’s imports decreased by 17.76% in February 2023, when compared to $4.875 billion in January 2023, the PBS said.

Credit: Independent News Pakistan-WealthPk