Due to a decline in non-essential imports, the nation’s trade deficit in the first five months of the current fiscal year 202223 decreased by 30.14% to $14.4 billion, a report released on Friday.
The Pakistan Bureau of Statistics (PBS) reports that from July to November, imports decreased by 20.15% to $26.34 billion from $32.98 billion during the same period last year. However, according to PBS, exports decreased by 3.5% during the same period to $11.93 billion from $12.36 billion during the same period last year.
In November 2022, Pakistan exported 18.3% fewer commodities overseas and imported 33.6% fewer goods than in November 2021. Exports fell by 18.34% to $2.37 billion in November 2022 from $2.9 billion the previous year, while imports fell by 33.6% to $5.245 billion from $7.9 billion. The trade deficit decreased from $4.99 billion in the same month last year to $2.88 billion this month, a 42.46% reduction.
Since the start of the current fiscal year, the import bill has declined. According to the PBS trade bulletin, imports decreased by 10.4% in July, 7.7% in August, 19.7% in September, 27.2% in October, and 33.6% in November over the comparable months in 2021.
When monthly trade performance is compared to the previous month (October), goods exports in November 2022 decreased by 0.63% from $2.38 billion last month, while imports rose by 11.34% from $4.7 billion in October.
According to experts, the export bill may not reach the $29 billion mark in 20222033. In the first five months of the fiscal year, exports have averaged $2.386 billion each month. Constraints on the local level and the recession in the global economy have had an impact on export growth. The decline in exports has been significantly influenced by economic policies like expensive bank borrowing, rupee depreciation, and high input prices, together with political instability.