In a positive economic development, Pakistan’s trade deficit dropped to its lowest level in 11 months in August 2024. According to data from the Pakistan Bureau of Statistics (PBS), the trade deficit decreased by 20.5% year-on-year, shrinking to $1.68 billion from $2.11 billion in August of the previous year.
This improvement is largely driven by a significant increase in exports and a modest reduction in imports. Exports surged by 18.9% in August, reaching $2.74 billion compared to $2.31 billion in July. Meanwhile, imports grew by 4.9%, rising to $4.42 billion from $4.21 billion in the previous month.
When compared to August 2023, exports saw a 15.93% increase, while imports decreased by 1.25%. Last year in August, exports stood at $2.366 billion and imports at $4.474 billion. The monthly trade deficit also showed a 12% reduction, falling from $1.9 billion in July 2024 to $1.675 billion in August 2024.
