ISLAMABAD: Pakistan’s trade deficit narrowed by 40.6% to $25.8 billion during the July-May period of the fiscal year 2022-23, compared to $43.41 billion in the corresponding period last year, data from the Pakistan Bureau of Statistics (PBS) showed.
The government’s policy of limiting imports to manage the balance of payment issue contributed to the decrease in the trade deficit. Total exports from July 2022 to May 2023 fell 12.14% to $25.37 billion, while imports shrank 29.2% to $51.16 billion.
In May 2023, sales of Pakistani products abroad fell 16.7% to $2.186 billion and imports decreased by 36.76% to $4.275 billion.
The trade deficit in May 2023 narrowed by 49.5% to $2.1 billion. Comparing monthly trade with the previous month (April), goods exports in May 2023 were up by 2.3% and imports increased by 42.6%. In April 2023, exports were at $2.14 billion and imports were at $2.997 billion.
According to the official data, over the last eight months, exports have consecutively declined.
In October 2022, exports shrank year-on-year by 3.25%, November 17.6%, December 16.3%, January 15.4%, February 18.67%, March 14.76%, and April 26.7%
