Trade deficit narrows by 40.59% in 11 months of FY23

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ISLAMABAD: The trade deficit witnessed a decline of 40.59 percent during the first eleven months of the current fiscal year as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported. The trade deficit during July-May (2022-23) was recorded at $25.791 billion against the deficit of $43.409 billion in July- May (2021-22), a decline of 40.59 percent. The exports during the period were recorded at $25.366 billion against $28.871 billion last year, showing a decline of 12.14 percent. On the other hand, the imports witnessed a sharp decline of 29.22 percent by falling from $72.280 billion last year to $51.157 billion during the current fiscal year. On a year-on-year basis, the exports from the country witnessed a decline of 16.69 percent and were recorded at $2.186 billion in May 2023 against the exports of $2.624 billion in May 2022. The imports also decreased to $4.275 billion in May 2023 from $6.760 billion in May 2022, showing negative growth of 36.76 percent. On a month-on-month basis, the exports during May 2023 however increased by 2.29 percent when compared to the exports of $2.137 billion in April 2023. DNA