In the first half of the current fiscal year, Pakistan’s trade deficit shrank 32.65% to $17.13 billion as imports of non-essentials and other products decreased by over a fifth.
In FY22, this shortfall was $25.44 billion. Imports fell 22.63% from July-December 2015 to $31.38 billion.
The Pakistan Bureau of Statistics PBS said Tuesday that exports were down 5.79% to $14.25 billion compared to $15.125 billion at the same time last year.
Exports fell 16.64% to $2.3 billion in December 2022 from $2.76 billion in December 2021, while imports fell 31.9% to $5.16 billion from $7.58 billion. As a result, the trade deficit fell 40.7% to $2.86 billion from $4.82 billion the previous year.
December 2022 exports declined 3.64 percent from November’s $2.39 billion. Likewise, imports fell 0.4% from November’s $5.18 billion.
The six-month average exports were $2.37 billion compared to the previous fiscal’s monthly average of $2.65 billion. This indicates that the economy may lag, even reaching last year’s total exports of $31.79 billion by FY23.
