Pakistan’s trade picture for fiscal year 2023-24 paints a mixed picture with domestic exports saw a encouraging 10.5% increase to $30.064 billion, imports surged even faster, leading to a wider trade deficit.
The country exported goods worth $30.64 billion, reflecting a 10.5% increase in domestic exports compared to the previous year.
On the import front, Pakistan brought in goods valued at $54.73 billion, resulting in a national trade deficit that surged by 12.3% to reach $24 billion. This growing deficit underscores the ongoing challenges in balancing the country's trade ledger.
June’s financial data showed a notable rise in both exports and imports. The export volume increased by 7%, amounting to $2.5 billion, while imports surged by 17.4%, reaching $4.9 billion. These figures highlight the dynamic nature of Pakistan’s trade activities and the critical need for strategies to manage the trade deficit effectively.
The increase in both exports and imports demonstrates the robust economic activities within the country, but also points to the necessity for measures to enhance export competitiveness and reduce reliance on imports.
