Trade deficit declines from $48b to $27.5b: PBS
By News Desk
July 3, 2023 11:25 PM
The data released by the Pakistan Bureau of Statistics (PBS) has indicated a remarkable reduction of more than 43% in the trade deficit during the previous financial year, the 24NewsHD TV channel reported on Monday.
According to PBS, the trade deficit declined from $48 billion to $27.54 billion.
The statistics highlight that exports witnessed a decline of 12.71% to $27.74 billion over the course of one year.
On the other hand, imports experienced a substantial decrease of 31%, amounting to $55 billion.
The PBS further reported that the total volume of imports in the last fiscal year exceeded $80 billion.
Meanwhile, there was a positive trend in exports for the month of June 2023, with a 7.55% increase compared to May. The volume of exports in June reached $2.36 billion.
Contrarily, imports for the same period experienced a 3.42% decline compared to May, standing at $4.18 billion.
In a year-on-year comparison, a significant 18.27% decrease in exports was observed in June 2023 when compared to the same month in 2022.
Similarly, imports registered a staggering 46.80% reduction in June 2023, also in comparison to June 2022, as reported by the bureau.