ISLAMABAD: The government’s policy to reduce non-essential imports has started paying dividends as the country’s trade deficit has narrowed by 26.6 percent to $11.47 billion in the first four months of the current fiscal year, which is expected to be $11.47 billion in the fiscal year 2021-2021. 22 was $15.62 billion in the same period. News.
Imports fell 16.2 percent to $21.02 billion in July-October 2022-23 from $25.1 billion in the same period last year. Exports, however, rose by 0.94 percent to $9.55 billion as against $9.46 billion in the same period last year.
On the other hand, according to Pakistan Bureau of Statistics (PBS) data, Pakistan imported about 27.2 percent less goods in October 2022 and sold 3.77 percent less products abroad compared to the same month of the previous fiscal year.
Exports fell 3.77 percent to $2.37 billion in October 2022 from $2.464 billion in the same month a year ago, while imports fell 27.2 percent to $4.636 billion from $6.37 billion in October 2021.
The trade deficit narrowed 42 percent to $2.265 billion in October, a 23-month low. The deficit was $3.91 billion in the same month last year. Comparing the monthly trade performance with the previous month (September), exports of goods in October 2022 decreased by 3.1% from $2.45 billion in the previous month, while September imports decreased by 13.3% compared to imports of $5.35 billion. happened
However, it is encouraging that imports have been on a downward trend since the beginning of the current financial year as imports were down by 10.4 percent in July, 7.7 percent in August, 19.7 percent in September and now October compared to their respective months. There has been a decrease of 27.2%. Last year, the Statistics Office’s Trade Bulletin revealed.
