ISLAMABAD: Pakistan’s trade deficit reached a record high of $34.75 billion during the first 11 months of the current fiscal year, reflecting a widening gap between imports and exports.
According to data released by the Pakistan Bureau of Statistics (PBS), the country’s exports exceeded $27.90 billion during the July-May period, while imports amounted to more than $62.66 billion.
The figures show that exports declined by 5.61 percent during the period under review, whereas imports increased by 5.94 percent compared to the corresponding period of the previous fiscal year.
In the same period last year, imports stood at more than $59.14 billion, indicating a notable increase in the country’s import bill this fiscal year.
On a monthly basis, exports in May recorded a 9.59 percent increase compared to April, suggesting an improvement in outbound trade during the month.
Meanwhile, imports in May declined by 21.55 percent compared to April, reflecting a significant month-on-month reduction in import volumes.
Year-on-year data showed that exports in May increased by 1.26 percent compared to May of the previous fiscal year, while imports registered a decline of 6.63 percent during the same comparison period.
The latest figures underline the continuing challenges facing Pakistan’s external trade sector, with the trade gap remaining at its highest recorded level despite recent monthly improvements in export performance and a reduction in imports.
