Islamabad March 1 2024: Pakistan trade deficit decreased 13.49 percent during the month of February to USD 1,712 million compared to the previous month, according to data released by Pakistan Bureau of Statistics.
The trade deficit decrease due to record high interest rates, inflation and economic slowdown.
As per the latest data released, exports stood at USD 2,573 million while Imports were USD 4,285 million during February 2024.
The data showed that exports during February 2024 were 7.84 percent lower than exports of January 2024, while 17.54 percent higher compared to exports of February 2023. Exports during the period from July to February 2024 increases by 9.0 percent compared to the same period last year.
“The diversification of our exports is also encouraging. There is a 15 percent rise in Manufacturing & Engineering and a remarkable 70 percent increase in Agri & Food exports” states Ejaz Gohar Federal Minister for Industries and Investment.
“The government remains dedicated to supporting exporters, diversifying markets, and attracting foreign investment” he added.
The data showed that imports during February 2024 were 10.19 percent lower than imports of January 2024 and increased by 8.89 percent compared to imports of February 2023.
Resultantly, trade deficit decreased by 1.95 percent during the month of February 2024 when compared with data of the corresponding month last year.
Moreover, trade deficit also decreased by 30.18 percent during the period from July to February 2024 to USD 14,872 million when compared with data of the corresponding period last year.
Exports during the period from July to February 2024 increased by 9.00 percent to USD 20,351 million when compared with the same period last year while imports during the same period decreased by 11.87 percent to USD 35,223 million.
