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Pakistan’s Trade Deficit Drops by 34% in FY24 H1

“Pakistan’s trade deficit sees a significant 34% reduction in the first half of FY24, as exports rise by 5% and imports decline by 16%. Stay updated on the latest economic trends with insights from the Pakistan Bureau of Statistics data.”

Pakistan's Trade Deficit Drops by 34% in FY24 H1

Pakistan’s trade deficit went down by 34 percent in the first half of this fiscal year (1HFY24). This means the difference between what Pakistan exported and imported was less than the same time last year (1HFY23). The Pakistan Bureau of Statistics (PBS) shared this information on Tuesday.

From July to December in FY24, the trade deficit was $11.148 billion. Last year, in the same period (July-December FY23), the deficit was higher at $16.965 billion. In December 2023 alone, the trade deficit decreased by 13 percent compared to November 2023, and 40 percent compared to December 2022, reaching $1.702 billion.

According to PBS data, exports during this period increased by 5 percent, reaching $14.981 billion. In the corresponding period last year, exports were $14.244 billion. Imports, on the other hand, decreased by 16 percent, falling from $31.209 billion last year to $26.129 billion this year.

Comparing December 2023 to the same month in the previous year, exports rose by 22 percent. In December 2023, exports were $2.812 billion, while in December 2022, they were $2.301 billion. Imports for December 2023 were $4.514 billion, showing a 12 percent decrease from December 2022, where imports were $5.144 billion.

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Looking at the changes from November 2023 to December 2023, exports increased by 9 percent (from $2.573 billion to $2.812 billion), while imports decreased by 1 percent (from $4.539 billion to $4.514 billion).

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