Pakistan’s Exports Drop
In July 2023, the country saw a 13 percent decline in exports on a month-on-month (MoM) basis for the current fiscal year 2023-24 (FY24). The exports amounted to $2.057 billion, down from $2.356 billion in June 2023, as reported by the Pakistan Bureau of Statistics (PBS).
Simultaneously, the trade deficit narrowed by 13.35 percent MoM, standing at $1.607 billion in July 2023, in comparison to $1.863 billion in June 2023. Imports also decreased by 13.15 percent, totaling $3.664 billion in July 2023, as opposed to $4.219 billion in June 2023.
Year-on-year (YoY) figures indicated an 8.57 percent decline in exports, with July 2023 recording $2.057 billion compared to the exports of $2.250 billion in July 2022.
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Additionally, imports decreased from $4.981 billion in July 2022 to $3.664 billion in July 2023, reflecting a negative growth rate of 26.44 percent. The YoY basis trade deficit narrowed by 41.16 percent, amounting to $1.607 billion in July 2023, as opposed to $2.731 billion in July 2022.