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Reading: Pakistan Witnesses Growth in Exports and Reduction in Trade Deficit in June 2023
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Pakistan Exports, Trade Deficit, Economic Performance,
PhotoNews Pakistan > Business > Pakistan Witnesses Growth in Exports and Reduction in Trade Deficit in June 2023
Business

Pakistan Witnesses Growth in Exports and Reduction in Trade Deficit in June 2023

Web Desk
By Web Desk Published July 4, 2023 1 Min Read
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The last month, June, saw an eight per cent rise in Pakistan’s exports, even though there was a year-on-year decrease of 40 per cent. Concurrently, imports declined by 47 per cent, leading to a 63 per cent reduction in the trade deficit.

In detail, despite a 19 per cent year-on-year decrease in domestic exports, June witnessed an eight per cent surge. Domestic exports reached a total of $2.37 billion in June 2023.

On the other hand, Imports experienced a significant 47 per cent contraction, totalling $4.18 billion for June. Consequently, the country’s trade deficit for June was $1.81 billion, marking a 15 per cent monthly decrease. On an annual basis, the trade deficit saw an impressive decrease of 63 per cent.

In response to narrowing its current account deficit to a two-year low of $78 million in February 2023, Pakistan lifted its import restrictions in March 2023, a move primarily driven by import control measures.

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