Islamabad August 1 2022: Pakistan trade deficit plunged 47.9 percent during the month of July to USD 2,589 million, according to data of Pakistan Revenue Automation Limited.
As per the latest data released, exports stood at USD 2,324 million while Imports were USD 4,913 million during July 2022.
The data showed that exports during July 2022 were 20.2 percent lower than exports of June 2022 and decreased by 0.7 percent compared to exports of July 2021.
The data showed that imports during July 2022 were 37.7 percent lower than imports of June 2022 and decreased by 12.3 percent compared to imports of July 2021.
Moreover, trade deficit also decreased by 20.6 percent during the month of July 2022 when compared with data of the same month last year.
It is important to mention that trade deficit increased by 55.29 percent YoY to USD 48,259 million during the fiscal year 2022 which runs from July to June.
The previous high trade deficit was registered in fiscal year 2018 when it recorded at USD 37,583 million on imports of USD 60,795 million.
Exports hit historic high of USD 31,276 million with increase of 25.51 percent in fiscal year 2022 due to higher textile exports and commodity prices. In fiscal year 2021, exports were recorded at USD 25,304 million.
Imports during the year crossed USD 80 billion level for the first in country’s history and recorded at USD 80,019 million. Imports registered growth of 41.93 percent due to higher oil and commodity prices.