Pakistan’s exports saw an increase of 11.83 percent in the first month of fiscal year 2024-25 compared to the same month last year, according to the Pakistan Bureau of Statistics (PBS) report released on Friday.
Exports in July 2024 were recorded at $2.308 billion, up from $2.064 billion in July 2023, as per the latest PBS data.
Conversely, imports also rose by 15.30 percent to $4.256 billion during the reviewed month, compared to $3.691 billion in July of the previous year.
This resulted in a trade deficit of $1.948 billion for July 2024, up 19.71 percent from the $1.627 billion deficit recorded in the same month last year.
On a month-to-month basis, exports in July 2024 decreased by 9.77 percent from $2.558 billion in June 2024. Imports also fell by 14.27 percent from $4.964 billion in June 2024, according to PBS.
Meanwhile, for the fiscal year 2023-24, the export of services increased by 2.7 percent, reaching $7.806 billion from $7.595 billion the previous year.
Service imports rose from $8.638 billion last year to $10.119 billion this year, showing a growth of 17.14 percent.
Consequently, the services trade deficit for July-June 2023-24 was recorded at $2.313 billion, an increase of 121.76 percent from the $1.043 billion deficit in July-June 2022-23.
