Pakistan’s Trade Deficit Narrows 12% in FY24

Pakistan’s trade deficit contracted by over 12 percent in the outgoing fiscal year (FY24) to $24.1 billion. According to data released by the Pakistan Bureau of Statistics (PBS), the country’s trade deficit was down 12.3 percent in FY24 compared to deficit of $27.474 billion reported in FY23. The country’s exports during FY24 stood at $30.64 billion, up 10.5 percent over exports of $27.724 billion in FY23. Imports remained largely unchanged, coming in at $54.734 billion in FY24 compared to $55.198 billion in FY23. In June 2024, the trade deficit stood at $2.39 billion, up 30.30 percent year-on-year and 15.1 percent on a month-on-month basis. Exports rose 7.3 percent year-on-year in June 2024 and stood at $2.529 billion. However, on a month-on-month basis, exports fell by almost 11 percent in June 2024. Imports in June 2024 grew 17.4 percent year-on-year to 4.919 billion. However, they were largely unchanged on a month-on-month basis.