Pakistan trade deficit has Rise by 4.24% during the first quarter (July to September) of the 2024 fiscal year, reaching $5.4 billion. This growth is due to an increase in both exports and imports.
The Rise in Exports and Imports
According to recent data, exports surged by 14.11%, totaling $7.9 billion in Q1, up from $6.9 billion last year. At the same time, imports increased by 9.86%, reaching $13.3 billion, compared to $12.11 billion in the same period of the previous fiscal year.
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Monthly Comparison of Trade Deficit
In September 2024, the trade deficit increased by 1.89% compared to August 2024, amounting to $1.78 billion. Exports for the month were recorded at $2.8 billion, reflecting a slight increase of 1.56% compared to August. Meanwhile, imports stood at $4.59 billion, up 1.69% from the previous month.
The trade deficit also saw a significant increase on a year-on-year basis, rising by 20.35% in September 2024 compared to September 2023.
Key Factors Contributing to the Deficit | Pakistan Trade Deficit Rise
Several factors have contributed to the widening trade deficit, including rising imports in key sectors such as:
- Petroleum crude (107%)
- Liquefied natural gas (10.7%)
- Fertilizer (622%)
- Machinery (15%)
On the export front, sectors such as knitwear (7.2%) and readymade garments (17.9%) saw positive growth. However, the growth in imports has outpaced that of exports, contributing to the widening trade imbalance.
Current Account Deficit Narrows | Pakistan Trade Deficit Rise
Interestingly, despite the growing trade deficit, the current account deficit narrowed to $0.2 billion in July-August FY2025, compared to $0.9 billion last year. This reduction is attributed to stronger remittances and an increase in exports during the period.
Outlook for the Remainder of the Fiscal Year
The Ministry of Finance has projected that both exports and imports will continue to increase in the coming months. For September 2024, exports are expected to remain within the range of $2.5-3.0 billion, while imports are forecasted to stay between $4.5-5.0 billion.
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