Pakistan’s Trade Deficit Down 39% in 7 Months of FY24: Minister

Federal Minister for Commerce and Industries Gohar Ejaz Thursday announced that Pakistan’s exports in January 2024 increased by 26.9 percent to $2.786 billion from $2.195 billion in January 2023. He said that the imports during the same period decreased by 4.5 percent to $4.665 billion from $4.884 billion. The trade deficit narrowed to $1.879 billion in January 2024 from $2.689 million in January 2023. According to Arif Habib Limited, the country’s exports were down 1 percent compared to exports of $2.812 billion reported in December 2023. On a month-on-month basis, the imports rose by 3 percent in January 2024 compared to imports of $4.514 billion reported in December 2023. The minister said that Pakistan’s global trade figures for the period Jul 2023-Jan 2024 show that Pakistan is steadily expanding its international trade footprint. Exports totaled $17.766 billion, up 12 percent from $15.831 billion during the same period in the previous fiscal year. Imports contracted by 16 percent to $30.010 billion as compared to $35.836 billion in same period in the last fiscal year. The overall trade deficit has decreased by 39 percent to $12.244 billion as compared to $20.005 in the same period of previous fiscal year. In absolute terms, during Jul-Jan 2024, exports increased by almost $2 billion, imports decreased by about $6 billion, while the trade deficit contracted by $7.8 billion.