Tag: trade statistics

Pakistan’s exports surge by 8.93% to Rs22.91 billion

Pakistan’s export sector has shown a notable surge, with an 8.93 per cent increase recorded in the initial nine months of the current fiscal year (2023–24) compared to the corresponding period in the previous year.

Data released by the Pakistan Bureau of Statistics (PBS) indicates that exports soared to $22.914 billion from July to March (2023–24), marking a significant rise from the $21.036 billion recorded during the same timeframe in 2022–2023.

Conversely, imports experienced a decline of 8.65 per cent, dropping to $39.944 billion from $43.724 billion in the previous year.

This resulted in a notable improvement in the trade deficit, which amounted to $17.030 billion for the first nine months of the current fiscal year, showcasing a substantial decrease of 24.94 per cent from the $22.688 billion recorded during the corresponding period last year.

Analyzing the performance for March 2024 against March 2023, exports registered a notable uptick of 7.99 per cent on an annual basis, climbing from $2.366 billion to $2.555 billion.

Conversely, imports surged by 25.86 per cent, reaching $4.726 billion compared to $3.755 billion in March 2023.

In terms of month-to-month performance, while exports in March 2024 experienced a marginal decline of 1.08 per cent from February 2024’s $2.583 billion, imports demonstrated a noteworthy increase of 9.25 per cent from the $4.326 billion recorded in February 2024, as per PBS data.

Pakistan, exports, trade deficit, fiscal year 2023–24, economic growth, Pakistan Bureau of Statistics, imports, March 2024, global trade, commerce, trade statistics,

April 2, 2024
Pakistan’s exports to China surge to $1223.5 million

In a noteworthy development, Pakistan’s export of goods and services to China experienced a substantial increase of 39.44 per cent during the initial five months of the current fiscal year (2023–24), as reported by the State Bank of Pakistan (SBP).

According to the latest SBP data, the overall exports to China reached $1223.532 million from July to November (2023–24), marking a significant rise compared to the $877.444 million recorded during the same period last fiscal year.

On a year-to-year basis, the exports to China showed a remarkable growth of 36.29 per cent, rising from $199.058 million in November 2022 to $271.316 million in November 2023.

However, on a month-on-month basis, there was a slight decline in exports to China during November 2023, registering a decrease of 14.90 per cent compared to the exports of $318.842 million in October 2023, as per the SBP data.

Meanwhile, Pakistan’s overall exports to other countries exhibited a commendable increase of 4.99 per cent in the first five months, surging from US $11.915 billion to US $12.510 billion, according to the SBP data.

In contrast, the imports from China into Pakistan during the reviewed months amounted to US $4741.099 million, reflecting a decline of 6.03 per cent compared to the corresponding period last year (2022–23).

On a year-on-year basis, imports from China saw a notable increase of 10.71 per cent, rising from US $906.128 million in November 2022 to US $1003.248 million in November 2023.

On a month-on-month basis, the imports from China recorded a marginal uptick of 0.99 per cent in November 2023 compared to the imports of US $993.401 million in October 2023, according to the data.

The overall imports into Pakistan witnessed a significant decrease of 16.02 per cent, declining from $25.341 billion to US $21.281 billion, as reported by the data.

January 3, 2024
Pakistan’s current account records first surplus since June 2023

In a noteworthy turnaround, Pakistan’s current account, after four consecutive months of deficits, revealed a surplus of $9 million in November 2023.

This marks a stark contrast to the $157 million deficit recorded in the same month the previous year, as reported by the State Bank of Pakistan (SBP) on Monday.

This surplus, the first since June 2023, is significantly lower in volume compared to its standing at $520 million.

Analysts attribute this surplus to a substantial rise in the country’s exports and remittances, coupled with a marginal decline in imports. Worth noting is the previous month’s current account deficit of $184 million in October 2023.

According to SBP data, November 2023 witnessed a 12 per cent surge in the country’s exports (goods and services) to $3.364 billion, compared to $2.999 billion in November 2022.

Simultaneously, remittances reached $2.25 billion, reflecting a 4 per cent increase from the same month last year. Conversely, total imports saw a nearly 6 per cent reduction to $5.29 billion in November 2023, down from $5.01 billion the previous year.

SBP reports a significant improvement, with Pakistan’s current account deficit for July-November of FY24 standing at $1.16 billion, a remarkable 64 per cent decrease from the $3.3 billion deficit in the same period of the previous fiscal year (FY23).

During its latest Monetary Policy Committee meeting on December 12, the SBP highlighted a notable enhancement in the current account balance, with the deficit narrowing by 65.9 per cent year-on-year to $1.1 billion during Jul-Oct FY24.

This shift is crucial for economically challenged Pakistan, heavily reliant on imports, as a widening deficit exerts pressure on the exchange rate and depletes official foreign exchange reserves, currently standing at slightly over $7 billion according to the latest data.

December 18, 2023
Pakistan’s imports drop sharply, leading to 42% reduction in trade deficit

Pakistan’s trade deficit for the first three months of the fiscal year 2023–24 has notably contracted by 42.25 per cent to reach $5.29 billion. This remarkable reduction is primarily attributed to a significant decrease in imports, a direct consequence of carefully administered measures.

Data released by the Pakistan Bureau of Statistics (PBS) reveals that the trade balance, which represents the difference between exports and imports, stood at a deficit of $5.29 billion for the period spanning July to September 2023–24. This is in stark contrast to the $9.16 billion deficit recorded during the same period in the preceding year.

Both exports and imports experienced declines in this timeframe, with imports showing a more substantial decrease compared to exports, effectively narrowing the trade deficit. During these three months of 2023–24, Pakistan’s exports contracted by 3.8 per cent to $6.9 billion, despite facing significant currency depreciation when compared to the corresponding period in the previous year.

Conversely, imports registered a notable decline of 25.4 per cent, totaling $12.19 billion in the July–September period, down from the $16.33 billion recorded in the same period of the previous fiscal year.

For a more granular view, the PBS reported that in September 2023, Pakistan’s trade deficit further shrank by nearly 48 per cent to $1.489 billion, compared to $2.856 billion during the same month in the previous year.

Exports experienced a slight improvement of 1.1 per cent, reaching $2.47 billion in September 2023 compared to $2.44 billion in the same month the previous year, while imports significantly decreased by 25.5 per cent to $3.95 billion from $5.29 billion in the corresponding month last year.

From a monthly perspective, the trade deficit contracted by 31.5 per cent compared to August 2023, with exports increasing by 4.2 per cent to $2.47 billion in September from $2.37 billion in the preceding month of August. Simultaneously, imports decreased by 12.9 per cent, amounting to $3.95 billion from $4.53 billion in the last month.

October 3, 2023