The Pakistan Bureau of Statistics (PBS) reported on Friday that the country’s exports saw an increase of 11.83 percent during the first month of the fiscal year 2024-25 compared to the same month last year. In July 2024, exports were recorded at $2.308 billion, up from $2.064 billion in July 2023.
Imports also rose by 15.30 percent, reaching $4.256 billion in July 2024 compared to $3.691 billion in July 2023. Consequently, the trade deficit for the month was $1.948 billion, an increase of 19.71 percent from the previous year’s deficit of $1.627 billion.
On a month-on-month basis, exports in July 2024 decreased by 9.77 percent compared to $2.558 billion in June 2024. Imports also saw a decline of 14.27 percent from $4.964 billion in June 2024.
The export of services during the fiscal year 2023-24 increased by 2.7 percent, reaching $7.806 billion, up from $7.595 billion the previous year. However, services imports also grew from $8.638 billion to $10.119 billion, an increase of 17.14 percent.
As a result, the services trade deficit for July-June (2023-24) was $2.313 billion, a substantial rise of 121.76 percent compared to the deficit of $1.043 billion in July-June (2022-23).
