Summary Exports grow 8.52%, while imports surge 12.59% during July-October
ISLAMABAD (Web Desk) – Pakistan’s trade deficit widened by nearly 16% to $14.63 billion during the first four months of the current fiscal year, as imports continued to grow faster than exports, according to the Pakistan Bureau of Statistics (PBS).
The PBS data showed that the trade deficit increased by more than $2 billion compared with the corresponding period last year, when it stood at $12.61 billion.
During July-October, Pakistan’s exports rose 8.52% year-on-year to $11.33 billion, while imports increased by 12.59% to $25.96 billion.
On a month-on-month basis, exports grew 2.84% in October compared with September, reaching $2.92 billion. Imports also registered a 5.72% increase to $6.80 billion.
Consequently, the monthly trade deficit widened by 10.30% to $3.87 billion in October.
Compared with October last year, the trade deficit recorded a significantly higher increase of 19.70%, highlighting the growing gap between the country's exports and imports.
The faster growth in imports compared with exports has put additional pressure on Pakistan's external trade balance.
A trade deficit occurs when a country's imports of goods and services exceed its exports over a specific period. A persistent deficit can increase demand for foreign currency and put pressure on foreign exchange reserves and the country's external account.
The latest figures underline the need to accelerate export growth, improve industrial competitiveness and reduce reliance on imported goods to narrow the trade gap.
