Pakistan’s exports drop by 3.07pc in October: PBS

KARACHI: Pakistan’s exports dropped by 3.07 percent in October as compared to previous month of September, ARY News reported citing Pakistan Bureau of Statistics (PBS).

According to a report issued by the Pakistan Bureau of Statistics (PBS), the exports declined by 3.07 percent and 3.77 percent on a monthly and annual basis respectively.

The PBS, in its report, stated that the exports in October decreased by 3.07 percent to $2.37 million as compared to September ($2.44 million).

Meanwhile, the Current Account Deficit (CAD) declined to $ 2.2 billion during the first quarter (Q1) of the current fiscal year as compared to the deficit of $3.5 billion recorded during the corresponding period (July-September) of the fiscal year 2021-22.

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The current account deficit mainly contracted due to increase in exports and contraction in imports during July-September (2022-23). Exports on free on board (FOB) grew by 5.5 percent during July-September FY2023 and reached $ 7.6 billion ($ 7.2 billion last year).

Meanwhile, imports on FOB declined by 7.9 percent during July-September FY2023 and reached $ 16.0 billion ($ 17.4 billion last year). Resultantly the trade deficit during July-September FY2023) reached to $ 8.4 billion as against $ 10.2 billion last year.

As per PBS, during July-September FY 2023, exports increased by 2.6 percent to $ 7.2 billion ($ 6.9 billion last year).  The total imports in July-September FY2023 decreased to $ 16.4 billion ($ 18.7 billion last year), thus declined by 12.4 percent.

The main commodities imported were petroleum products ($2388.7 million), medicinal products ($ 372.3 million), petroleum crude ($ 1355.0 million), liquefied natural gas ($ 969.8 million), palm oil ($ 1135.7 million), plastic materials ($ 658.8 million) and iron & steel ($ 520.8 million).