When compared year over year, the country’s exports fell by 16% to $2 billion in May 2023 from $2.6 billion in May 2022.
The trade deficit was reduced by 40.59 percent during the first eleven months of the current fiscal year compared to the same period last year, according to figures from the Pakistan Bureau of Statistics (PBS).
The trade deficit from July to May (2022-23) was $25.791 billion as opposed to $43.409 billion in the same period the previous year, a decrease of 40.59 percent. Exports were $25.366 billion during the period compared to $28.871 billion the previous year, a fall of 12.14 percent.
On the other hand, imports had a steep reduction of 29.22%, going from $72.280 billion in the previous fiscal year to $51.157 billion this year. Exports from the nation decreased 16.69% year over year and totaled $2.186 billion in May 2023 compared to $2.624 billion in May 2022, a loss of 16.69%.
Additionally, imports fell from $6.760 billion in May 2022 to $4.275 billion in May 2023, a fall of 36.76 percent. However, as compared to the exports of $2.137 billion in April 2023, the exports during May 2023 climbed by 2.29 percent on a monthly basis. According to the report, imports into the nation climbed by 42.64 percent in May 2023 when compared to imports of $2.997 billion in April 2023.