According to data from the Pakistan Bureau of Statistics (PBS), during the first nine months (July to March) of the current fiscal year 2022–23, Pakistan’s trade deficit decreased by 35.51 percent to $22.9 billion from $35.509 billion during the same period the previous year.
According to trade figures issued by PBS on Monday, the nation’s exports from July through March of 2022–23 were $21.046 billion, down 9.87 percent from the $23.350 billion in exports during the same period in 2021–22.
From $58.859 billion in the previous year to $43.946 billion this year, imports declined by 25.34 percent over the period under consideration. Exports decreased 14.76% year over year and totaled $2.367 billion in March 2023 compared to $2.777 billion in March 2022, a decrease of 14.76%.
Moreover, imports fell from $6.407 billion in March 2022 to $3.828 billion in March 2023, representing a negative growth of 40.25 percent. In comparison to March 2022, when the trade imbalance was $3.630 billion, it decreased by 59.75 percent YoY to $1.461 billion in March 2023.
When compared to the exports of $2.191 billion in February 2022, the exports during March 2023 increased monthly by 8.03%. According to the data, imports into the nation fell by 5.11 percent in March 2023 compared to February 2022, when imports totaled $4.034 billion.
On a month-over-month basis, the trade deficit decreased by 20.73% and was $1.461 billion in March 2023 versus $1.843 billion in February 2022.