Pakistan’s trade deficit saw a significant 21% increase in July compared to the same month last year, as reported by the latest Bureau of Statistics data. However, there was a slight reprieve as the trade deficit fell by 18% on a monthly basis, offering some relief amid ongoing economic challenges.
In July 2024, Pakistan imported goods worth $4.28 billion and exported goods valued at $2.31 billion. These figures highlight a persistent trend, as the country continues to grapple with a widening trade imbalance despite some improvements in export performance.
For comparison, in June 2024, Pakistan’s exports were valued at $2.56 billion, while imports reached $4.96 billion. The reduction in imports, coupled with a slight dip in exports, contributed to a decrease in the trade deficit for the month.
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Domestic exports have grown by 12% annually, while imports have dropped by 10%. This shift points to a potential realignment in trade dynamics, even as concerns over the nation’s overall economic deficit persist.
As Pakistan enters the new fiscal year, these figures underscore the ongoing challenges in achieving trade balance, with both external and internal factors playing crucial roles in shaping the country’s economic outlook.
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