Pakistan Cuts Trade Deficit by a Staggering 34% in the first half, marking a crucial turnaround

According to figures issued by the Pakistan Bureau of Statistics (PBS), Pakistan's trade deficit during the first half of FY24 dropped dramatically by 34.29% YoY to $11.15 billion from $16.97 billion in 1HFY23.

In 1HFY24, exports increased 5.17% year over year to Rs14.98 billion, while imports decreased 16.28% year over year to Rs26.13 billion.

The trade deficit for the month of December alone was $1.7 billion, down from the previous month's deficit of $1.97 billion, or 13.43% month over month.

The trade deficit decreased by 40.13% to $2.84 billion as of December 2022 from the previous year.

In December 2023, exports reached $2.81 billion, up 9.29% MoM from November 2023's $2.57 billion.

In a similar vein, exports rose by 22.2% YoY from December 2022 to that date.

During the review month, the nation's import spending decreased by 0.55% MoM to $4.51 billion from $4.54 billion the previous month.

Likewise, imports decreased YoY by 12.25% to $5.14 billion in December 2022.