Pakistan’s May Trade Deficit Surges

Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “Pakistan’s May Trade Deficit Surges”. Pakistan’s trade deficit increased by 142.91 percent in May 2023 compared to April 2023. The latest data from the Pakistan Bureau of Statistics (PBS), released on Friday, reveals that the trade deficit stood at $2.089 billion in May, up from $860 million in April.

The trade deficit shrank by 40.59 percent to $25.791 billion from July to May of the current fiscal year 2022-23 (FY23). This is a significant improvement compared to the trade deficit of $43.409 billion during the same period last year.

According to trade data released by PBS, the country’s exports in July-May FY23 reached $25.366 billion. This figure indicates a 12.14 percent decrease compared to the exports of $28.871 billion during July-May FY22.

During the 11 months, imports experienced a decline of 29.22 percent, dropping from $72.280 billion in the previous year to $51.157 billion in the current year. Exports in May 2023 decreased by 16.69 percent compared to May 2022, amounting to $2.186 billion, while in May 2022, exports stood at $2.624 billion.

In May 2023, imports dropped to $4.275 billion, down 36.76% compared to May 2022’s $6.760 billion. The trade deficit in May 2023 narrowed by 49.49% year-on-year to $2.089 billion, in contrast to May 2022’s $4.136 billion.

In May 2023, the country’s exports rose by 2.29 percent compared to April 2023, when exports were valued at $2.137 billion. During the same period, imports increased by 42.64 percent, reaching $2.997 billion in May 2023, compared to April 2023.

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