Pakistan’s Trade Deficit Shrinks 34% in 1HFY24, Boosts Exports by 5%

The Pakistan Bureau of Statistics (PBS) released data on Tuesday, indicating a notable 34% contraction in Pakistan’s trade deficit during the first half of the current fiscal year (1HFY24) compared to the corresponding period last year (1HFY23).

For July-December FY24, the trade deficit stood at $11.148 billion, marking a substantial reduction from the $16.965 billion deficit recorded in July-December FY23. In December 2023 alone, the deficit decreased by 13% month-on-month and 40% year-on-year, reaching $1.702 billion, according to PBS data.

During the review period, exports showed a positive trend, increasing by 5% to $14.981 billion compared to $14.244 billion in the corresponding period last year. Conversely, imports witnessed a decline of 16%, reaching $26.129 billion compared to $31.209 billion in the previous year.

In a year-on-year analysis for December, exports surged by 22%, totaling $2.812 billion compared to $2.301 billion in December 2022. December 2023 imports recorded at $4.514 billion marked a 12% decrease from $5.144 billion in December 2022.

Examining the month-on-month scenario, December exports improved by 9% from November 2023’s $2.573 billion, while imports experienced a marginal 1% decline from November’s $4.539 billion.

The data suggests a positive shift in Pakistan’s trade dynamics, reflecting a considerable improvement in the trade balance during the first half of the fiscal year.

Hot this week

UBL and Fauree Partner to Scale Digital Supply Chain Finance for SMEs

United Bank Limited and Fauree launch a strategic partnership to provide digitally enabled working capital financing and automated disbursements for Pakistani SMEs.

FBR Achieves Major Milestone with Integration of 12950 Large Retailers into POS System

The Federal Board of Revenue integrates 12950 major retailers and over 35000 outlets into its real time POS system to enhance tax documentation and transparency.

CDC Access Launches eIPO Ultra for Seamless Digital IPO Subscriptions

Central Depository Company of Pakistan introduces eIPO Ultra on CDC Access providing a simplified step by step digital process for investors to subscribe to IPOs.

Tech Giants Amazon Meta and Microsoft Join Universal Commerce Protocol Tech Council

Amazon Meta Microsoft Salesforce and Stripe join the Universal Commerce Protocol Tech Council to establish a global open standard for AI driven agentic commerce.

NBP Digital Banking Group Launches Raast QR Code Payment Solution for Government Receipts

National Bank of Pakistan successfully pilots a Raast QR payment solution at its Rawalpindi branch allowing citizens to pay government taxes via any mobile banking app.

Topics

UBL and Fauree Partner to Scale Digital Supply Chain Finance for SMEs

United Bank Limited and Fauree launch a strategic partnership to provide digitally enabled working capital financing and automated disbursements for Pakistani SMEs.

FBR Achieves Major Milestone with Integration of 12950 Large Retailers into POS System

The Federal Board of Revenue integrates 12950 major retailers and over 35000 outlets into its real time POS system to enhance tax documentation and transparency.

CDC Access Launches eIPO Ultra for Seamless Digital IPO Subscriptions

Central Depository Company of Pakistan introduces eIPO Ultra on CDC Access providing a simplified step by step digital process for investors to subscribe to IPOs.

Tech Giants Amazon Meta and Microsoft Join Universal Commerce Protocol Tech Council

Amazon Meta Microsoft Salesforce and Stripe join the Universal Commerce Protocol Tech Council to establish a global open standard for AI driven agentic commerce.

NBP Digital Banking Group Launches Raast QR Code Payment Solution for Government Receipts

National Bank of Pakistan successfully pilots a Raast QR payment solution at its Rawalpindi branch allowing citizens to pay government taxes via any mobile banking app.

Meezan Bank Monthly Card Spend Crosses 45 Billion Mark as Digital Payments Surge

Meezan Bank reports a record monthly card spend of 45 billion rupees reflecting a massive shift toward digital transactions and cashless payments in Pakistan.

The Road Ahead: Building a Digitally Connected Financial Ecosystem

Explore how e-invoicing and supply chain finance are redefining financial inclusion and SME growth through digital connectivity and policy alignment in 2026.

Redefining Financial Systems: From Fragmentation to Integration

Explore how the shift from fragmented paper trails to integrated digital systems is revolutionizing SME access to capital and national economic documentation.
spot_img

Related Articles

Popular Categories

spot_imgspot_img