ISLAMABAD: Pakistan’s trade deficit increased by 19.7% year on year (YoY) in July 2024, reaching $1.95 billion compared to $1.63 billion in July 2023, as per data released by the Pakistan Bureau of Statistics (PBS).
However, on a monthly basis, the trade deficit contracted by 19% from June 2024’s figure of $2.41 billion. This significant reduction highlights a temporary improvement in the country’s trade balance.
In July 2024, Pakistan’s exports rose by 11.8% YoY, amounting to $2.31 billion compared to $2.06 billion in July 2023. Despite this annual increase, exports saw a decline on a monthly basis, falling by 9.8% from the $2.56 billion recorded in June 2024. The export figures for July 2024 stood at $2.308 billion, marking a 9.77% month-on-month decrease.
For the fiscal year 2024 (FY24), Pakistan’s trade deficit contracted by 12% YoY, totaling $24.1 billion. This indicates some improvement in managing the overall trade gap for the year.
Regarding imports, Pakistan experienced a 15.3% YoY increase in July 2024, with imports reaching $4.26 billion compared to $3.69 billion in July 2023. Nevertheless, imports saw a significant decline on a monthly basis, decreasing by 14.3% from $4.96 billion in June 2024.
These figures reflect the ongoing volatility in Pakistan’s trade dynamics, with monthly variations showcasing short-term fluctuations while year-on-year comparisons indicate broader trends in trade performance.
