The Pakistan Bureau of Statistics (PBS) has reported a notable increase in the country’s trade deficit, which expanded by 38.27 percent on a month-on-month basis in October 2023, reaching $2.099 billion. This marks a significant contrast to the trade deficit of $1.518 billion recorded in September 2023, as per the PBS monthly data.
In a broader context, the trade deficit showed a considerable reduction of 34.70 percent in the initial four months of the fiscal year 2023-24 (from July to October). During this period, the trade deficit stood at $7.416 billion, in contrast to the $11.356 billion recorded in the corresponding period of the previous fiscal year.
The country’s exports also exhibited a moderate increase, rising by 0.66 percent to reach $9.617 billion during the first four months of the fiscal year 2023-24 (July-October). This compared favorably to the $9.554 billion recorded in the same period of the previous fiscal year.
On the other hand, imports witnessed a noteworthy decline of 18.54 percent, reaching $17.033 billion during the first four months of the current fiscal year. This reduction is substantial when compared to the $20.910 billion in imports during the same period of the last fiscal year.
In the month of October 2023, exports demonstrated growth with a 9.33 percent increase, reaching $2.707 billion, up from $2.476 billion in September 2023. Conversely, imports in October 2023 surged by 20.33 percent to $4.806 billion compared to $3.994 billion in September 2023.
When examining the trade deficit from a year-on-year perspective, it narrowed by 4.46 percent, amounting to $2.099 billion in October 2023, compared to $2.197 billion during the same month of the previous fiscal year. Looking specifically at imports, they saw a 4.91 percent increase on a year-on-year basis, totaling $4.806 billion in October 2023, in contrast to $4.581 billion in October 2022.