Pakistan has eased its import policy in compliance with IMF conditions, leading to a significant surge in domestic imports in May, nearly reaching $5 billion.
According to the latest statistics on imports, exports, and trade deficit released by the State Bank, despite a positive jump in exports (29% year-on-year), the trade deficit continues to widen, reaching $2.1 billion in May.
In May, Pakistan's trade deficit slightly increased by one percent to $2.1 billion. The country imported goods worth $4.95 billion, while exports stood at $2.84 billion during the same period.
There was a notable 29% increase in exports and a 15% increase in imports compared to the previous year. Over the 11th month of the financial year, Pakistan's trade deficit reached $21.07 billion, with imports totaling $49.085 billion and exports at $28.011 billion.
The increase in imports indicates growing economic activity, although the widening trade deficit remains a concern.
