Pakistan’s trade deficit drops nearly 19% in November 2024

ISLAMABAD: According to data released by the Pakistan Bureau of Statistics (PBS), Pakistan’s trade deficit narrowed by 18.60 percent year-on-year (YoY) to $1.589 billion in November 2024, compared to a deficit of $1.952 billion in the same month last year.

Exports increased by 8.98 percent in November to $2.804 billion, compared to $2.573 billion in the same month last fiscal year.

Imports declined by 2.92 percent to $4.393 billion in November, compared to $4.525 billion in the same month last fiscal year.

5-month performance

The trade deficit during the first five months of the current fiscal year narrowed by 7.39 percent and stood at $8.651 billion as compared to $9.341 billion during the same period of the previous fiscal year.

The country’s exports increased by 12.57 percent during the first five months of FY25 (July-November) and stood at $13.691 billion as compared to $12.162 billion during the same period of FY24.

During the first five months of the current fiscal year, domestic imports increased by 3.90 percent to $22.342 billion, compared to $21.503 billion during the same period of the previous fiscal year.

Month-on-month basis

On a monthly basis, the trade deficit increased by 0.19 percent to $1.589 billion in November, compared to a deficit of $1.586 billion in October 2024.

Exports in November declined by 5.97 percent to $2.804 billion as compared to $2.982 billion in October 2024. Imports declined by 3.83 percent in November 2024 and stood at $4.393 billion as compared to $4.568 billion in October 2024.