Pakistan’s Trade Deficit Shrinks by 15% in 11 Months of FY24

Pakistan’s trade deficit decreased by over 15 percent during July-May of the current fiscal year (11MFY24) according to data issued by the Pakistan Bureau of Statistics on Monday. During 11MFY24, the trade deficit stood at $21.73 billion down 15.2 percent compared to a deficit of $25.64 billion reported in the same period of the previous fiscal year. The trade deficit rose marginally on a year-on-year basis in May 2024 and stood at $2.110 billion compared to a deficit of $2.107 billion in May 2023. However, on a month-on-month basis, the trade deficit during May was down 15.4 percent compared to a deficit of $2.495 billion reported in the previous month i.e. April 2024. Exports in May 2024 stood at $2.79 billion, up 27 percent on a year-on-year basis and 18.8 percent on a month-on-month basis. Imports grew 14 percent on a year-on-year basis and 1.2 percent on a month-on-month basis and stood at $4.9 billion in May 2024.