According to figures issued on Friday by the Pakistan Bureau of Statistics (PBS), Pakistan’s trade deficit shrank by more than 40% year on year in August 2023.
Trade Deficit in August 2023
The trade deficit in August 2023 was $2.13 billion, a 40.5 percent decrease from the $3.57 billion recorded in the same month of the previous fiscal year.
30% to $2.13 Billion
The country’s trade imbalance increased by about 30 percent to $2.13 billion in August 2023, up from $1.64 billion in July 2023.
The country’s exports in August 2023 totaled 2.36 billion, a 4.8 percent decrease from the $2.48 billion recorded in August 2022 but a 14.3 percent gain from the $2.07 billion recorded the previous month.
Decrease of about 26%
In August, the country’s imports totaled $4.49 billion, a decrease of about 26% from 6.05 billion in August 2022.
However, imports increased by 21% in August 2023 compared to the previous month’s imports of $3.71 billion.
The trade deficit for the first two months of the current fiscal year (2MFY24) was $3.76 billion.
A 40.3% decrease from the $6.30 billion recorded in 2MFY23.
To read our blog on “Pakistan Sugar Mills may soon rise to Rs. 200 per kg,” click here