In August, Pakistan’s merchandise trade deficit increased by 28.89% compared to July, reaching $3.53 billion as opposed to $2.73 billion, according to figures released by the Pakistan Bureau of Statistics (PBS) on Friday.
According to PBS data, the nation’s exports in August of this year were $2.5 billion while its imports were $6.03 billion. Exports rose by 11.07 percent month over month, while imports surged by 20.84 percent.
However, year over year, the trade deficit shrank by 18.48 percent. A $4.33 billion trade imbalance was recorded in August 2021.
Exports rose by 11.44 percent year over year, while imports fell by 8.26 percent. The trade deficit was $6.26 billion in the first two months of the current fiscal year, down 17.13 percent from the $7.56 billion number for the same period in FY22.
Exports in Indian rupees climbed 11.91 percent month over month to Rs533.63 billion in August from Rs494.72 billion in July. On the other side, imports increased to Rs1.33 trillion in August, up 21.76 percent from the $1.09 trillion figure for July.
Exports increased by 50.11 percent year over year in August, reaching Rs553.63 billion compared to Rs368.81 billion in the same month previous year. In August 2022, imports increased by 23.62 percent, from Rs1.07 trillion the previous month to Rs1.33 trillion.
