Trade Deficit rises 30 percent to $2.1bn in August-2023

September 5, 2023

In August 2023, Pakistan’s trade deficit expanded by 29.86% when compared to July 2023, reaching $2.126 billion, up from $1.637 billion, according to data from the Pakistan Bureau of Statistics (PBS).

For the first two months of the current fiscal year (July-August), the country’s trade deficit shrank by 40.29%, totaling $3.763 billion compared to $6.302 billion during the same period in the previous fiscal year.

During July-August 2023-24, exports decreased by 6.38% to $4.431 billion, down from $4.733 billion in the corresponding period of the previous fiscal year. In contrast, imports declined by 25.75%, amounting to $8.194 billion during the first two months of the current fiscal year, compared to $11.035 billion in the same period of the previous fiscal year.

In August 2023, exports increased by 14.27% to $2.363 billion, compared to $2.068 billion in July 2023. Imports also saw a rise of 21.16% in August 2023, reaching $4.489 billion, up from $3.705 billion in July 2023.

On a year-on-year basis, the trade deficit narrowed by 40.46% in August 2023, amounting to $2.126 billion, compared to $3.571 billion in August 2022. Imports decreased by 25.85% year-on-year, remaining at $4.489 billion in August 2023, compared to $6.054 billion in August 2022. Exports, on the other hand, declined by 4.83% year-on-year, remaining at $2.363 billion in August 2023, compared to $2.483 billion in August 2022.