Previously recorded at $25.64 billion in the July to May period of 2022 – 2023, the trade deficit is down to $21.73 billion. Exports, a source of revenue, exhibited robust growth, increasing by 10.65% year-on-year to reach $28.07 billion compared to $25.37 billion in the corresponding period of the previous fiscal year.
This encouraging development was complemented by a slight decline in imports, an expense for the country, which fell by 2.37% to $49.8 billion during the same period. The data was released by the Pakistan Bureau of Statistics and is a major win for the economic future of the country.
Examining the data for May 2024 reveals further positive developments. Exports experienced a significant year-on-year increase of 27.08%, reaching $2.8 billion compared to $2.2 billion in May 2023. Although imports also rose modestly by 13.89% to $4.9 billion, the export growth helped to mitigate the impact on the trade deficit. Notably, the year-on-year trade deficit for May 2024 remained practically unchanged, increasing by a mere 0.14% to $2.11 billion.
Furthermore, the trade deficit between July to March (9MFY24) displayed a significant improvement. Compared to the same period in the previous year, the deficit contracted by 25%, reaching $17.03 billion.
This positive trend suggests a better balance of trade, even though both exports and imports are experiencing growth on a month-on-month basis. In May 2024, exports rose by 18.76% compared to April, while imports exhibited a more moderate increase of 1.16%.
Already famous for high-quality textiles, leather, fresh produce, and rice, there is rising global demand for Pakistani-made goods, meaning that production is likely to trend upwards. The nation is renowned for its commitment to high-quality output, whether its work is agricultural or industrial. Workers and entrepreneurs in the import business can continue to take great pride in their craft, celebrate a job well done, and look forward to the promising year ahead.