According to the data released by the Pakistan Bureau of Statistics, a significant decrease of 42.9 per cent has been recorded in the country’s trade deficit in the fiscal year 2023 on an annual basis. Pakistan’s trade deficit was recorded at $27.59 billion, which is 42.9 per cent less than the fiscal year 2022. Earlier, a report by IMF stated that the trade deficit of Pakistan by the next fiscal year would be $37.4 dollars in services & goods.
The report stated that the trade deficit of Pakistan in the fiscal year 2022 was recorded at $48.35 billion.
Regarding the stats of imports, the report stated that the total volume of domestic imports in the fiscal year 2023 was recorded at $55.33 billion dollars – 31 per cent less than the fiscal year 2022.
During fiscal year 2022, foreign exchange of $80.13 billion dollars was spent on domestic imports.
The volume of domestic exports was recorded at $27.73 billion during the last fiscal year, which is 12.7 per cent less than the fiscal year 2022. In the fiscal year 2022, the volume of exports was recorded at $31.78 billion.
Trade Deficit and Domestic Import & Exports on Monthly Basis
In June, the volume of the trade deficit stood at $1.86 billion – 62.3 per cent less than compared to $4.94 billion in June last year.
Compared to May 2023, a decrease of 12.4 per cent was recorded in the trade deficit in June on a monthly basis. In May 2023 the trade deficit reached $2.12 billion which decreased to $1.86 billion in June 2023.
The volume of domestic exports in June 2023 was $2.35 billion dollars – 19.1 per cent less than last year’s $2.91 billion dollars in June. Compared to May 2023, exports in June 2023 grew by 7.1 per cent on a monthly basis. In May 2023, the volume of exports was recorded at $2.20 billion dollars, which increased to $2.35 billion in June 2023.
In June 2023, imports were recorded at $4.21 billion – 46.3 per cent less than last year’s June. In June last year, the volume of domestic imports was recorded at $7.85 billion. Compared to May 2023, domestic imports have recorded a decrease of 2.5 per cent on a monthly basis in June 2023. In May 2023, the volume of imports was recorded at $4.32 billion, which decreased to $4.21 billion in June 2023.