Exports increase by 3.75 percent in 2 months

Exports increase by 3.75 percent in 2 months. The exports from the country witnessed an increase of 3.75 percent during the first two months of the current fiscal year (2022-23) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

According to PBS data, the exports from the country were recorded at $4.759 billion during July-August (2022-23) against the exports of $4.587 billion recorded during July-August (2021-22), showing growth of 3.75 percent.

On the other hand, the imports into the country decreased by 9.25 percent by declining from $12.152 billion last year to $11.028 billion in July-August (2022-23).

Based on the data, the trade deficit during the period under review was recorded at $6.269 billion, showing a decrease of 17.13 percent over the deficit of $7.565 billion recorded during last year, the PBS data revealed.

Read more: IMF releases report on Pakistan

Meanwhile, on year-on-year basis, the exports of the country increased by 11.44 percent during August 2022 as compared to the exports of the same month of last year.

The exports during the month under review were recorded at $2.504 billion against the exports of $2.247 billion during the same month of last year.

However, the imports into the country decreased from $6.577 billion in August 2021 to $6.034 billion in August 2022, showing negative growth of 8.26 percent.

On month-on-month basis, the exports from the country went up by 11.07 percent during August 2022 as compared to the exports of $2.254 billion recorded during July 2022.

On the other hand, the imports into the country during July 2022 witnessed increase of 20.84 percent as compared to the imports of $4.993 billion in July 2022, according to the PBS data.

Meanwhile, the services exports from the country also grew by 7.96 percent during the first month (July) of the current fiscal year and were recorded at $530.07 million against exports of $490.99 million last year.

The services imports also increased from $778.05 million last July to $789.93 million during July 2022, showing growth of 1.53 percent, according to PBS data.