Islamabad August 22 2023: During the first month of the current financial year (2023-24), the export of pharmaceutical goods demonstrated a notable rise of 8.87 percent in comparison to the same period last year.
As per data from the Pakistan Bureau of Statistics (PBS), the country’s exports of pharmaceutical goods amounted to US $26.205 million in July 2023, marking an increase from US $24.069 million in July 2022. This growth amounted to 8.87 percent. Notably, the quantity of pharmaceutical goods exported also saw a substantial increase of 144.27 percent, surging from 2,098 metric tons to 5,125 metric tons.
On a month-on-month basis, the export of pharmaceutical goods in July 2023 exhibited a rise of 19.58 percent when compared to June 2023, where the exports totaled US $21.914 million, according to data from the PBS.
In the broader context, it is important to highlight that the overall merchandise exports of the country faced a decline of 8.09 percent in July 2023 compared to July 2022. The recorded exports for the month reached US $2,068 million, in contrast to the exports of US $2,250 million in the previous July. Simultaneously, imports experienced a decrease of 25.62 percent, amounting to US $3,705 million in July 2023, in comparison to the US $4,981 million in July 2022.
Considering these figures, the merchandise trade deficit experienced a decline of 40.06 percent, going from a deficit of US $2.371 million in the previous July to US $1.637 million in July 2023, as per PBS data.
