Monday, August 8, 2022

Exports drop by 23.95%, trade deficit by 46% in July

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Pakistan’s exports have declined by 23.95% while the trade deficit dropped by 46% in the first month of the fiscal year 2022-23, Pakistan Bureau of Statistics (PBS) data shows, ARY News reported. 

According to data issued by the PBS, the monthly export dropped by drastically by 23.95 % in July while a drop of 5.17% was experienced in annual exports.

The data showed that Pakistan’s exports amounted to $2.219 billion in July 2022 which dropped from $2.918 billion recorded in June 2022.

However, the country’s monthly imports fell by 38.21% too, the PBS data shows. Pakistan’s imports amounted to $4.861 billion in July 2022. The imports in June 2022 were $7.88 billion, the data shows.

Also Read: ‘Pakistani exports to US surge to $9 billion’

PBS data shows that the country’s trade deficit dropped by 46.76 % in July, the deficit amounted to $2.64 billion in July 2022, which was $4.96 billion in June 2022.

Earlier on July 31, Pakistan’s Ambassador to the United States, Masood Khan said that Pakistan’s exports to the US have marked a year-on-year rise, with a total volume of $9 billion at an annual growth rate of 35 %.

Moreover, on July 28, the Information and Communications Technology (ICT) exports of the country went up to $2.616 billion in the fiscal year 2021-22 while the exports in June increased by $52 million, the IT ministry told.

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