Trade Deficit Widens By 38% in October Amid Highest Monthly Imports Since January

Pakistan’s trade deficit widened by 38.27 percent on a month-on-month basis to $2.099 billion in October 2023 when compared to $1.518 billion in September 2023, says the Pakistan Bureau of Statistics (PBS). The monthly data released by the Bureau noted that the trade deficit narrowed down by 34.70 percent in the first four months (July-October) of the current fiscal year 2023-24 as it stood at $7.416 billion compared to $11.356 billion during the same period of last fiscal year. The country’s exports increased by 0.66 percent to $9.617 billion during July-October 2023-24 compared to $9.554 billion in the corresponding period of the last fiscal year. Imports declined by 18.54 percent to $17.033 billion during the first four months of the current fiscal year as compared with $20.910 billion in the same period of the last fiscal year. Exports recorded a 9.33 percent increase to $2.707 billion in October 2023 when compared with $2.476 billion in September 2023. Import increased by 20.33 percent to $4.806 billion in October 2023 when compared with $3.994 billion in September 2023. The trade deficit narrowed by 4.46 percent on a year-on-year basis and stood at $2.099 billion compared in October 2023 compared to $2.197 billion during the same month of last fiscal year. The imports increased by 4.91 percent on a YoY basis and remained at $4.806 billion in October 2023 compared to $4.581 billion in October 2022. The exports increased by 13.55 percent on a YoY basis and remained at $2.707 billion in October 2023 compared to $2.384 billion in October 2022.