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.
