ISLAMABAD, Jan 5 (APP): The country’s merchandize trade deficit contracted by 34.29 per cent during the first half of the current fiscal year compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.
The Trade deficit from July-December (2023-24) was recorded at $11.148 billion as against the deficit of $16.965 billion in July–December (2022-23), showing negative growth of 34.29 per cent.
During the period under review, the exports increased by 5.17 per cent to $14.981 billion compared to the exports of $14.244 billion during the corresponding period of last year, according to the latest PBS data.
On the other hand, the imports narrowed by 16.28 per cent and were recorded at $26.129 billion compared to $31.209 billion last year.
Meanwhile, on a year-on-year basis, the exports from the country increased by 22.21 per cent in December compared to the exports of the same month of last year. The exports during the month were recorded at $2.812 billion as against the exports of $2.301 billion in December 2022.
On the other hand, the imports during December 2023 were recorded at $4.514 billion compared to the imports of $5.144 billion in December 2022, showing a decrease of 12.25 per cent, according to the data.
On a month-on-month basis, the exports from the country increased by 9.29 per cent when compared to the exports of $2.573 billion during November 2023.
The imports into the country went down by 0.55 per cent when compared to the imports of $4.539 billion in November 2023, PBS reported.
Meanwhile, the services’ exports during July-November (2023-24) earned foreign exchange worth $2,986 million as compared to exports of $3,089 million during the same period of last year, showing negative growth of 3.33 percent.
The services’ imports into the country however increased by 20.67 percent by going up from $3,406 million last year to $4,110 million during the first five months of current fiscal year.
Based on the figures, the services’ trade deficit increased by 254.51 percent during the period under review by going up from $317 million last year to $1,124 million this year.