Pakistan’s trade deficit shrinks by over 30% in November

In the initial five months of the fiscal year 2024, Pakistan’s trade performance has witnessed notable enhancements, marking a positive stride towards economic stability, as articulated by Dr Gohar Ejaz, the Federal Minister for Commerce and Industries, in a communication on X (formerly Twitter).

The minister conveyed his unwavering confidence in Pakistan’s trajectory towards economic recovery, emphasising the commitment to diligent efforts aimed at job creation, economic growth, and the overall betterment of citizens’ lives.

It is noteworthy that Pakistan’s exports experienced a year-on-year increase of 1.93 per cent, reaching $12.17 billion in the aforementioned five-month period, while imports exhibited a substantial decrease of 17.32 per cent to $21.55 billion.

Consequently, the trade deficit contracted to $9.38 billion, registering a noteworthy decline of 33.59 per cent compared to the corresponding period in the preceding year.

Zooming in on November’s performance, Pakistan’s exports demonstrated a robust year-on-year growth of 7.66 per cent, totaling $2.57 billion, whereas imports saw a decline of 13.47 per cent to $4.46 billion.

This translated into a trade deficit of $1.89 billion for November, marking a notable reduction of 31.72 per cent compared to November 2022.