Pakistan experienced a considerable 21% rise in its trade deficit in July compared to the previous year, according to the most recent data from the Bureau of Statistics.
Nevertheless, the trade deficit decreased by 18% per month, providing some relief during continued economic difficulties.
Pakistan imported goods totaling $4.28 billion and exported goods amounting to $2.31 billion in July 2024. These figures demonstrate a larger pattern, as the nation still struggles with a growing trade imbalance despite some enhancements in export results.
In June 2024, Pakistan’s exports were valued at $2.56 billion, while imports totaled $4.96 billion, for comparison. The drop in imports, along with a slight decrease in exports, helped cause the trade deficit to decrease for the month.
Domestic exports have increased by 12% each year, while imports have seen a 10% decline. This change suggests a possible readjustment in trade dynamics, despite the ongoing worry about the national economy's overall deficit.
As Pakistan starts the new fiscal year, these numbers highlight the persistent difficulties in balancing trade, with external and internal factors having significant impacts on the country's economic future.
