Islamabad September 1 2023: Pakistan trade deficit increased 29.86 percent during the month of August to USD 2,126 million compared to the previous month, according to data released by Pakistan Bureau of Statistics.
The trade deficit increase due to removal of restriction from central bank on imports despite record high interest rates, inflation and economic slowdown at a time when country’s currency is facing worst depreciation.
As per the latest data released, exports stood at USD 2,363 million while Imports were USD 4,484 million during August 2023.
The data showed that exports during August 2023 were 14.27 percent higher than exports of July 2023, while 4.83 percent lower compared to exports of August 2022.
The data showed that imports during August 2023 were 21.16 percent higher than imports of July 2023 and decreased by 25.85 percent compared to imports of August 2022.
Resultantly, trade deficit decreased by 40.46 percent during the month of August 2023 when compared with data of the corresponding month last year.
Moreover, trade deficit also decreased by 40.29 percent during the period from July to August 2023 to USD 3,763 million when compared with data of the corresponding period last year.
Exports during the period from July to August 2023 decreased by 6.38 percent to USD 4,431 million when compared with the same period last year while imports during the same period decreased by 25.75 percent to USD 8,194 million.